Display technology with ultrafine pixels for near-eye application is a rapidly growing field due to the recent emergence of augmented/mixed reality. With the constant demand for high energy efficiency, long lifetime, and high luminosity, micro-LED displays based on compound semiconductors are promising candidates for such applications. However, miniaturizing LEDs results in significant drawbacks in terms of their quantum efficiency, current injection efficiency, and heat extraction. With relatively low device resistance compared to that of liquid crystals or organic LEDs, micro-LEDs are also more susceptible to the effects of parasitic resistance. In this study, gallium nitride based micro-LED displays with very small pixels (5 µm pixel, 10 µm pitch) are fabricated to study the thermal-electrical effect of meshed hybrid conductors on the optical emission efficiency. In situ thermographic imaging with I-V measurement confirms a significant trade-off among heat transfer, electrical conductivity, and light extraction efficiency. An increase of 37.9% in the emission efficiency (2540 pixels per inch, 5 µm pixels, 1 mm 2 display, at 49.2 • C) is achieved by optimizing the thermal and electrical conduction paths. This study experimentally confirms the importance of thermal management and multi-physics analysis in designing ultra-small-pixel micro-LEDs with high energy efficiency.