High-performance solar-blind AlGaN-based Schottky photodiodes have been demonstrated. The detectors were fabricated on MOCVD-grown AlGaN/GaN heterostructures using a microwave-compatible fabrication process. Current-voltage, spectral responsivity, noise, and high-speed characteristics of the detectors were measured and analyzed. Dark currents lower than 1 pA at bias voltages as high as 30 V were obtained. True solar-blind detection was achieved with a cut-off wavelength lower than 266 nm. A peak device responsivity of 78 mA/W at 250 nm was measured under 15 V reverse bias. A visible rejection of more than 4 orders of magnitude was observed. The solar-blind photodiodes exhibited noise densities below the measurement setup noise floor of 3×10 -29 A 2/Hz around 10 KHz. High-speed measurements at the solar-blind wavelength of 267 nm resulted in 3-dB bandwidths as high as 870 MHz.