A thermal management system for reducing or eliminating heat-mediated degradation of LED performance and/or operating life. The system may include a thermal controller arranged to respond to an LED operating condition, and to responsively limit temperature in the LED. The thermal controller in one implementation includes a bypass circuit containing a bypass control element, such as a varistor, Zener diode, or antifuse device, and arranged to divert current from flowing to the LED so that the LED remains in a cool state, e.g., below 75° C. The system may be arranged to (I) at least partially attenuate the power supplied to an LED so as to reduce heat generation in such LED and maintain the LED below a threshold temperature and/or (II) remove heat from the LED to maintain temperature of the LED below a threshold temperature.