Hot-carrier degradation of voltage controlled oscillator (VCO) was investigated by a reliability simulator known as BERT. The appropriate monitor of VCO frequency degradation shifts from the saturated drain current of an N MOSFET to linear drain current with an increase in VCO input voltage. The degradation of the VCO drastically increases with a small reduction in initial oscillation frequency. These results imply the need for an appropriate reliability margin around the standard operating point as well as a performance margin, which cannot be achieved by using conventional drain current monitors.