In this study, an InGaN laser diode (LD) with InGaN–GaN–InGaN quantum barriers was proposed and studied systematically. The energy band diagrams, stimulated recombination rate, optical field distribution, current distribution near the active region, and power–current–voltage performance curves were investigated. The simulation results suggest that the LD with InGaN–GaN–InGaN quantum barriers has better performance than the LD with conventional GaN and InGaN quantum barriers because of the properly adjusted refraction index profile and energy band diagrams, which are advantageous to both the suppressed leakage of the optical field and electrons out of and the enhanced injection of holes into the active region.