In this paper, the forward and reverse current transport mechanisms in as-deposited and 400 °C annealed tungsten carbide (WC) Schottky contacts on AlGaN/GaN heterostructures have been studied. In particular, under forward bias, the WC/AlGaN Schottky contacts exhibited a deviation from the ideal thermionic emission model due to the occurrence of a tunneling component of the current. From the temperature dependence of the ideality factor, a characteristic tunneling energy E00 in the range of 33–36 meV has been estimated. On the other hand, two different transport mechanisms have been identified under reverse bias. At low reverse bias (VR