In this study, we report a novel monolithically integrated GaN-based light-emitting diode (LED) with metal-oxide-semiconductor field-effect transistor (MOSFET). Without additionally introducing complicated epitaxial structures for transistors, the MOSFET is directly fabricated on the exposed n-type GaN layer of the LED after dry etching, and serially connected to the LED through standard semiconductor-manufacturing technologies. Such monolithically integrated LED/MOSFET device is able to circumvent undesirable issues that might be faced by other kinds of integration schemes by growing a transistor on an LED or vice versa. For the performances of resulting device, our monolithically integrated LED/MOSFET device exhibits good characteristics in the modulation of gate voltage and good capability of driving injected current, which are essential for the important applications such as smart lighting, interconnection, and optical communication.