Abstract-Integrated circuits based on InGaAs Field EffectTransistors are currently in wide use in the RF front-ends of smart phones and other mobile platforms, wireless LANs, high data rate fiber-optic links and many defense and space communication systems. InGaAs ICs are also under intense research for new millimeter-wave applications such as collision avoidance radar and gigabit WLANs. InGaAs FET scaling has nearly reached the end of the road and further progress to propel this technology to the THz regime will require significant device innovations. Separately, as Si CMOS faces mounting difficulties to maintain its historical density scaling path, InGaAs-channel MOSFETs have recently emerged as a credible alternative for mainstream logic technology capable of scaling to the 10 nm node and below. To get to this point, fundamental technical problems had to be solved though there are still many challenges to be addressed before the first non-Si CMOS technology becomes a reality. The intense research that this exciting prospect is generating is also reinvigorating the prospects of InGaAs FETs to become the first true THz electronics technology. This paper reviews progress and challenges of InGaAs-based FET technology for THz and CMOS.