GaAs MESFETs with a p-buffer layer (or a buried p-layer) are important devices for high-speed GaAs ICs. To study what conditions are required as a good substrate for ICs, we have investigated, by two-dimensional simulation, small-signal parameters and drain-current transients of GaAs MESFETs with a p-buffer layer on the semi-insulating substrate. It is shown that the introduction of a p-buffer layer is effective to improve the transconductance and the cuttoff frequeycy. These parameters are not degrade even if the p-layer doping is increased and a neurtral p-region exists. It is also shown that drain-current drifts and hysteresis in I-V curves can occur in a case with a p-buffer layer, too. It is concluded that the introduction of a relatively highly-doped p-layer on a substrate with low acceptor and electron trap (EL2) densities is effective to realize the stable and high performance of GaAs MESFETs.