This paper presents the analysis and design of a 35-GHz high-gain phase shifter with 360° continuous phase shifting. To enhance the phase shift range, a hybrid $\pi $ -network realized by combining the electrical tuning through capacitors and magnetic tuning through transformers is developed. The phase shift modules are inserted between the vertically stacking transistors to achieve the embedded phase shifting with the minimum loss. Furthermore, the Gm stages offer additional signal gain to suppress attenuation in the passive phase shifter. The capacitive neutralization technique is utilized to further increase the gain and enhance stability. This prototype, fabricated in a 28-nm CMOS process, demonstrates a 360° continuous phase shift with a maximum gain of 25.6 dB and a minimum noise figure of 4.1 dB. It consumes 26-mW power with a supply voltage of 0.9 V and 1.25 mm $\times0.75$ mm chip area.