In this work, a 280 nm AlGaN-based deep ultraviolet light-emitting diode (DUV LED) with a metal-insulator-semiconductor (MIS) structured n-electrode is fabricated and studied. The SiO2 insulator layer is adopted to form the MIS structure by using an atomic layer deposition system. After adopting the MIS-structured n-electrode, the SiO2 intermediate layer enables electron affinity for the contact metal to be higher than the conduction band of the n-AlGaN layer, which favors the electrons to be injected into the n-AlGaN layer by intraband tunneling rather than thermionic emission. Moreover, the thin SiO2 insulator can share the applied bias, which makes the n-AlGaN layer surface less depleted and thus further facilitates the electron injection. The improved electron injection capability at the metal-semiconductor interface helps reduce the contact resistance and increase electron concentration in the active region, which then improves external quantum efficiency and wall-plug efficiency for the proposed DUV LED.