Schottky contacts on n‐In0.53Ga0.47As have been made by metal deposition on substrates cooled to a temperature of 77 K. The current‐voltage and capacitance‐voltage characteristics showed that the Schottky diodes formed at low temperature had a much improved barrier height compared to those formed at room temperature. The Schottky barrier height ϕB, was found to be increased from ∼0.2 to 0.60 eV with Ag metal. For the low temperature diode, the saturation current density, J0, was about four orders smaller than for the room temperature diode. Deep level transient spectroscopy studies of n‐InGaAs low temperature diodes exhibited one electron trap located at Ec‐0.23 eV. This trap level was identified as a bulk trap.