We report the detailed characterization of 2.3 GHz AlN-Sapphire high-overtone bulk acoustic resonators (HBARs), with a typical loaded Q-factor of 25-30 Â 10 3 , 15-20 dB insertion loss, and resonances separated by about 10 MHz. The temperature coefficient of frequency of HBARs is measured to be about À25 ppm/K. We observe at high-input microwave power a significant distortion of the HBAR resonance lineshape, attributed to non-linear effects. The power-induced fractional frequency variation of the HBAR resonance is measured to be about À5 Â 10 À10 /lW. The residual phase noise of a HBAR is measured in the range of À110 to À130 dBrad 2 /Hz at 1 Hz Fourier frequency, yielding resonator fractional frequency fluctuations at the level of À205 to À225 dB/Hz at 1 Hz and an ultimate HBAR-limited oscillator Allan deviation about 7 Â 10 À12 at 1 s integration time. The 1/f noise of the HBAR resonator is found to increase with the input microwave power. A HBAR resonator is used for the development of a low phase noise 2.3 GHz oscillator. An absolute phase noise of À60, À120, and À145 dBrad 2 /Hz for offset frequencies of 10 Hz, 1 kHz, and 10 kHz, respectively, in excellent agreement with the Leeson effect, is measured.