I have 9v AC(1A, 50Hz) as input to 5v DC(500mA) as output rectifier circuit to power up the development board. But I had a doubt if I use Schottky diode instead of normal diode what happens to the circuit. By watching many videos I understand that Schottky diode can operate at high frequency, lower temperature dissipation. But it has more leakage current compared to the normal diode Is that it will affect the rectifier circuit?
Traditional diodes are cheaper than schottky diodes and they can usually block a higher voltage in the opposite direction. In most power rectification applications like yours schottky diodes are used to limit voltage drop and power loss.
In your case whether or not you need a schottky diode depends if you need to limit voltage drop or power loss.