The accurate characterization of local magnetic fields and temperature is vital for the design of electronic systems. To meet this imperative, we present a novel non-contact approach for simultaneous quantitative magnetic field imaging and temperature sensing using magnetooptics and a bismuth-doped yttrium iron garnet film with out-of-plane anisotropy. For the direct signal quantification, a Stokes polarization camera is employed in a conventional magnetooptical microscope. The magnetization in the garnet is modulated with an external magnetic field to continuously image the Faraday rotation at four distinct points along the saturating magnetization loop. The method enables sensing of the magnetooptical signal in saturation, the magnetooptical susceptibility, the temperature, and self-calibrated driftfree imaging of the out-of-plane magnetic field component. A spatial resolution of magnetic field in the micrometer range with millisecond exposure time is demonstrated. The method is verified by analyzing the stray magnetic field distribution of electrical current in a wire simultaneously to the Joule heating induced by the applied current.