Provided are a vertical carbon nanotube field effect transistor (CNTFET) and a method of manufacturing the same. The method includes: forming a first electrode on a substrate; forming a stack of multiple layers ("multi-layer stack") on the first electrode, the multiple layers including first and second buried layers and a sacrificial layer interposed between the first and second buried layers; forming a vertical well into the multi-layer stack; growing a CNT within the well; forming a second electrode connected to the CNT on the multi-layer stack into which the well has been formed; forming a protective layer on the second electrode; removing the sacrificial layer and exposing the CNT between the first and second buried layers; forming a gate insulating layer on the exposed surface of the CNT; and forming a gate enclosing the CNT on the gate insulating layer. The CNTFET and manufacturing method maximize the effect of electric field produced by the gate due to the channel completely enclosed by the gate while improving a ratio Ion/Ioff of on-current to off-current by fully depleting a depletion layer formed in the channel.