Semiconductor device having multi-channel and method of forming the same

A semiconductor device includes an isolation pattern on a substrate, the isolation pattern having a lower insulating pattern on the substrate, and a spacer to cover side surfaces of the lower insulating pattern, a vertical structure through the isolation pattern to contact the substrate, the vertical structure having a first semiconductor layer on the substrate, a lower end of the first semiconductor layer being at a lower level than a lower surface of the isolation pattern, a second semiconductor layer on the first semiconductor layer, and a third semiconductor layer on the second semiconductor layer, and a gate electrode crossing the vertical structure and extending over the isolation pattern.