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III-nitride nanowire (NW) LEDs have been intensively studied for several emerging applications. However, the performance of these LEDs is still limited due to many factors. A leakage current may cause idle power consumption and affect the reliability and luminescence efficiency of the devices. Hence, it is one of the most important limiting factors from an application point of view. In this context, we have experimentally observed temperature-dependent forward and reverse leakage current–voltage characteristics of InGaN/AlGaN NW-based red microLEDs. The characteristic curves are fitted using different constant parameters such as the space charge term, zero bias current, and the characteristic energy. They are found to have error bars of less than 10%. The extra space charge term is believed to be due to inherent space charges trapped with the NWs and presents at every instance of the operation of the diode. The characteristic energy and ideality factors are compared to the reported values. An Arrhenius plot is used to calculate the thermal activation energy in the high- and low-temperature regions for both bias conditions. Our results show that the voltage-dependent activation energy is found to be about double in the case of the forward bias compared to that of the reverse bias in all voltage ranges. However, in a high voltage regime, the magnitudes of these parameters are almost four and six times greater for the forward and reverse biases, respectively, compared to those in the lower voltage regions. This study presents vital insight into the design and fabrication of high-performance NW-based LEDs.