This paper presents a comprehensive analysis for the performance of heterojunction bipolar phototransistor (HPT) as an essential element for optoelectronic switch configurations. The theory of operation of the (HPT) is reviewed. Analytical expressions are drived for transistor current components, optical gain $G_{opt}$ and DC current gain $h_{FE}$ in common emitter configuration. The analysis enables one to study the influence of various structure parameters and incident optical power on the optical gain characteristics of the (HPT). Simulation results are presented for a $1.3~\mu m$ $\text{In}_{0.53}\text{Ga}_{0.47}\text{As}/\text{InP}$ structure.