This review focuses on theoretical foundations, experimental implementation and an overview of experimental results of the thermoreflectance spectroscopy as a powerful technique for temperature monitoring and analysis of thermal processes in semiconductor lasers. This is an optical, non-contact, high spatial resolution technique providing high temperature resolution and mapping capabilities. Thermoreflectance is a thermometric technique based on measuring of relative change of reflectivity of the surface of laser facet, which provides thermal images useful in hot spot detection and reliability studies.