In this paper, we utilize micro-Raman spectroscopy to measure temperature and stress in state-of-the-art AlGaN/GaN HEMTs. A rigorous discussion on the physical accuracy, precision, and precautions for diverse Raman thermometry methods is developed. Thermometry techniques utilizing shifts in a single Raman Stokes peak position underpredict the channel temperature due to induction of operational thermoelastic stress in operating devices. Utilizing the change in phonon linewidth by employing a proper reference condition gives true temperature results. Making use of frequency shifts in both the E2(high) and A1(LO) phonon modes offers accurate and time-efficient means to determine the state of temperature and thermal stress in operating AlGaN/GaN HEMTs presuming that linear relations between phonon frequencies and temperature/stress are well determined. Useful applications of this method such as monitoring stress in GaN wafers between fabrication steps and Raman thermography on AlGaN/GaN HEMTs are demonstrated.