Thermal effects in bulk and SOI FinFETs are briefly reviewed herein. Different techniques to measure these thermal effects are studied in detail. Self-heating effects show a strong dependency on geometrical parameters of the device, thereby affecting the reliability and performance of FinFETs. Mobility degradation leads to 7% higher current in bulk FinFETs than in SOI FinFETs. The lower thermal conductivity of SiO2 and higher current densities due to a reduction in device dimensions are the potential reasons behind this degradation. A comparison of both bulk and SOI FinFETs shows that the thermal effects are more dominant in bulk FinFETs as they dissipate more heat because of their lower lattice temperature. However, these thermal effects can be minimized by integrating 2D materials along with high thermal conductive dielectrics into the FinFET device structure.