Dynamic and static thermal processes are important for most of the basic research and technological applications in determining thermal stability and other physical and chemical properties characteristic of materials as a function of temperature. The conventional techniques of thermal analysis like thermogravimetric analyzer, differential thermogravimetric analyzer, differential scanning calorimeter are capable of monitoring some physical changes during the dynamic and static process, but these do not provide information about the identity of the composition and phases evolved. Since, Raman spectroscopy has been enthusiastically adopted by the materials community and in industrial process, it has been used for characterization during thermal analysis of material in dynamic and static thermal processes. The composition changes and phase transformations in a proper temperature interval were measured with reference to spectral changes and named as thermo-Raman spectroscopy (TRS). Different forms of thermograms; intensity, intensity variation, band position and bandwidth as a function of temperature could also provide additional information. In this review, the in situ dynamic and static capability of TRS in identifying and monitoring the composition changes and phase transformations have been discussed. The intended modifications like coupling of thermogravimetric analyzer and LCR meter with TRS for in situ dynamic thermal analysis have also been discussed. These could provide consistency in temperatures at which the physical properties with the composition changes and phase transformations were monitored. Other important and unique information about physical and chemical properties of material including reversibility, dynamic nature and thermal hysteresis during heating and cooling process could be monitored. Finally, the advantages and disadvantages has been discussed to give overall idea about the technique.