In this paper, the commercial 0.5-μm AlGaAs/InGaAs/GaAs pseudo-morphic high electron mobility transistors were subjected to both high-drain voltage and high-temperature stresses for investigating reliability issues. The results reveal that the stressinduced trapping phenomena near two-dimensional electron gas layer should be responsible for the different drain current collapses. The decay level of the DC and the small-signal characteristics increases with the stress voltage and/or the operation temperature. The self-consistent model was established through the deembedded and the non-linear fitting processes, which can be used to estimate the DC and RF small-signal characteristics degradation under high-drain voltage and high-temperature stress.