We have investigated the self-heating effect on DC and RF performances of identically fabricated AlGaN/GaN HEMTs on CVD-Diamond (GaN/Dia) and Si (GaN/Si) substrates. Self-heating induced device performances were extracted at different values drain bias voltage (V D) and dissipated DC power density (P D) in continuous wave (CW) operating condition. The effect of self-heating was observed much lesser in GaN/Dia HEMTs than GaN/Si HEMTs in terms of I D , I G , g m , f T and f max reduction. Increased channel temperature caused by joule heating at high P D reduces the 2-DEG carrier mobility in the channel of the device. This behaviour was also confirmed by TCAD simulation which showed ∼3.9-times lower rising rate of maximum channel temperature and lowers thermal resistance (R th) in GaN/Dia HEMTs than GaN/Si HEMTs. Small signal measurements and equivalent circuit parameter extraction were done to analyze the variation in performance of the devices. Our investigation reveals that the GaN/Dia HEMT is a promising candidate for high power density CW operation without significant reduction in electrical performance in a large drain bias range.