Low power consumption, low chip area and fabrication in the standard complementary metal oxide semiconductor (CMOS) process are vital requirements for oscillators used in low-cost bio-implantable and wearable devices. Conventional ring oscillators (ROs) are good candidates for using in biomedical applications. However, their oscillation frequency strongly depends on the temperature. In this study, a temperature compensated ring oscillator with low power consumption is proposed. The transistors of the proposed ring oscillator operate in the subthreshold region to achieve a low power and low voltage performance. Since, in the subthreshold region, the oscillation frequency of a conventional ring oscillator increases with increase in the temperature, two current sources are used to power the proposed subthreshold ring oscillator: a temperature independent current source and a complementary to absolute temperature (CTAT) current source. In the proposed circuit, the CTAT current forms a small part of the total supplied current and its duty is to compensate for the oscillation frequency deviation. Two prototypes of the subthreshold ring oscillator were designed and simulated for a target frequency of 1MHz using commercially available 0.18µm RF-CMOS technology. The thermal coefficient (TC) of the uncompensated ring oscillator was 2400 ppm/ºC from -40ºC to 85ºC, though applying the proposed technique reduces the TC of the ring oscillator to 80.4 ppm/ºC with total power consumption as low as 14.5µW.