Heat dissipation significantly limits semiconductor component performance improvement. Thermal management devices are pivotal for electronic chip heat dissipation, with the enhanced thermal conductivity of materials being crucial for their effectiveness. This study focuses on single-crystal diamond, renowned for its exceptional natural thermal conductivity, investigating diamond microchannels using finite element simulations. Initially, a validated mathematical model for microchannel flow heat transfer was established. Subsequently, the heat dissipation performance of typical microchannel materials was analyzed, highlighting the diamond’s impact. This study also explores diamond microchannel topologies under high-power conditions, revealing unmatched advantages in ultra-high heat flux density dissipation. At 800 W/cm2 and inlet flow rates of 0.4–1 m/s, diamond microchannels exhibit lower maximum temperatures compared to pure copper microchannels by 7.0, 7.2, 7.4, and 7.5 °C, respectively. Rectangular cross-section microchannels demonstrate superior heat dissipation, considering diamond processing costs. The exploration of angular structures with varying parameters shows significant temperature reductions with increasing complexity, such as a 2.4 °C drop at i = 4. The analysis of shape parameter ki indicates optimal heat dissipation performance at ki = 1.1. This research offers crucial insights for developing and optimizing diamond microchannel devices under ultra-high-heat-flux-density conditions, guiding future advancements in thermal management technology.