In this report, the thermal performance of a hydrogen (H)-terminated diamond field-effect transistor (FET) is investigated using Raman spectroscopy and electrothermal device modeling. First, the thermal conductivity (κdiamond) of the active diamond channel was determined by measuring the temperature rise of transmission line measurement structures under various heat flux conditions using nanoparticle-assisted Raman thermometry. Using this approach, κdiamond was estimated to be 1860 W/m K with a 95% confidence interval ranging from 1610 to 2120 W/m K. In conjunction with measured electrical output characteristics, this κ was used as an input parameter for an electrothermal device model of an H-terminated diamond FET. The simulated thermal response showed good agreement with surface temperature measurements acquired using nanoparticle-assisted Raman thermometry. These diamond-based structures were highly efficient at dissipating heat from the active device channel with measured device thermal resistances as low as ∼1 mm K/W. Using the calibrated electrothermal device model, the diamond FET was able to operate at a very high power density of 40 W/mm with a simulated temperature rise of ∼33 K. Finally, the thermal resistance of these lateral diamond FETs was compared to lateral transistor structures based on other ultrawide bandgap materials (Al0.70Ga0.30N, β-Ga2O3) and wide bandgap GaN for benchmarking. These results indicate that the thermal resistance of diamond-based lateral transistors can be up to ∼10× lower than GaN-based devices and ∼50× lower than other UWBG devices