InGaAs is a promising channel material for high performance CMOS logic circuits due to its large electron injection velocity. InGaAs Gate-All-Around (GAA) MOSFETs have been demonstrated; these transistors offer large drive current and excellent immunity to short channel effects (SCE). However, the characterization and reliability of InGaAs GAA MOSFETs are still challenging. In this paper, we (i) discuss the challenges and new characterization methodologies to evaluate D it , R sd and other parameters on short channel InGaAs GAA MOSFETs, (ii) discuss device characterization based on low frequency noise and RTN, (iii) image the complexity of heat dissipation by using newly developed thermoreflectance method, and (iv) review the current research on 3D InGaAs MOSFET reliability including PBTI, HCI, and gate dielectric breakdown.