Light- and elevated-temperature-induced degradation (LeTID) in p-type multicrystalline silicon has a severe impact on the effective minority carrier lifetime of silicon and remains a crucial challenge for solar cell manufacturers. The precise cause of the degradation is yet to be confirmed; however, several approaches have been presented to reduce the extent of degradation. This paper presents insights on the impact of thermal budgets and cooling rates during post-firing illuminated anneals and their role in changing the lifetime and mitigating LeTID for thermal processes between 350 and 500 °C. We demonstrate that the thermal budget of these processes plays a crucial role in LeTID suppression and that the cooling rate only plays a role during short treatment durations (≤1 min). For the parameter space studied, we show that annealing for an appropriate time and temperature can both enhance the minority carrier lifetime and completely suppress the LeTID, with the injection-dependent Shockley–Read–Hall lifetime analysis indicating that the recombination activity of the LeTID defects in the bulk has been eliminated. Finally, this paper demonstrates a process that results in a stable lifetime after 800 h of conventional light-soaking at 75 °C.