In this paper, the recent advances of our studies on hot carrier degradation (HCD) are presented from trap-based approach. The microscopic speculation of interface trap generation is carried out by time-dependent DFT (TDDFT) simulation in “real-time”. Two types of oxide traps contributing to HCD are identified from experiments. Combining the contributions of interface and oxide traps, a unified compact model has been proposed which can accurately predict hot carrier degradation and variation in full $\mathrm{V}_{\text{gs}}/\mathrm{V}_{\text{ds}}$ bias. The trap locations, degradation contributions and temperature dependence are studied in detail. In addition, the mixed mode reliability of HCD-BTI coupling through self-heating and under off-state stress are discussed.