This paper presents a nondestructive analysis of debonds in an adhesively-bonded carbon-fibre reinforced composite structure under variable temperature conditions. Towards this, ultrasonic guided wave propagation based experimental analysis and numerical simulations are carried out for a sample composite structure to investigate the wave propagation characteristics and detect debonds under variable operating temperature conditions. The analysis revealed that the presence of debonds in the structure significantly reduces the wave mode amplitudes, and this effect further increases with the increase in ambient temperature and debond size. Based on the debond induced differential amplitude phenomenon, an online monitoring strategy is proposed that directly uses the guided wave signals from the distributed piezoelectric sensor network to localize the hidden debonds in the structure. Debond index maps generated from the proposed monitoring strategy show the debond identification potential in the adhesively-bonded composite structure. The accuracy of the monitoring strategy is successfully verified with non-contact active infrared-thermography analysis results. The effectiveness of the proposed monitoring strategy is further investigated for the variable debond size and ambient temperature conditions. The study establishes the potential for using the proposed damage index constructed from the differential guided wave signal features as a basis for localization and characterization of debond damages in operational composite structures.