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Present work introduces a Dual Material Gate Extra Insulator Layer (DMG EIL) FinFET for high-performance nanoscale applications. The Dual Material Gate screens the minimum channel potential from the drain voltage variations which reduce the short channel effects (SCEs). The EIL (high-k dielectric) injected in silicon active layer reduces the critical electric field near the drain region which reduces the hot carrier effects. The present device also offers low standby mode current useful for low power applications along with reduced SCEs and hot carrier effects (HCEs). The performance of the proposed device is compared with EIL-FinFET by investigating the output characteristics, electric field, carrier temperature and surface potential. The DMG EIL-FinFET is found to perform better compared to both—conventional FinFET and EIL-FinFET.