A dual sensing fiber-optic hydrophone that can make simultaneous measurements of acoustic pressure and temperature at the same location has been developed for characterizing ultrasound fields and ultrasound-induced heating. The transduction mechanism is based on the detection of acoustically- and thermally-induced thickness changes in a polymer film Fabry–Pérot interferometer deposited at the tip of a single mode optical fiber. The sensor provides a peak noise-equivalent pressure of 15 kPa (at 5 MHz, over a 20 MHz measurement bandwidth), an acoustic bandwidth of 50 MHz, and an optically defined element size of 10 μm. As well as measuring acoustic pressure, temperature changes up to 70 °C can be measured, with a resolution of 0.34 °C. To evaluate the thermal measurement capability of the sensor, measurements were made at the focus of a high-intensity focused ultrasound (HIFU) field in a tissue mimicking phantom. These showed that the sensor is not susceptible to viscous heating, is able to withstand high intensity fields, and can simultaneously acquire acoustic waveforms while monitoring induced temperature rises. These attributes, along with flexibility, small physical size (OD ∼ 150 μm), immunity to Electro-Magnetic Interference (EMI), and low sensor cost, suggest that this type of hydrophone may provide a practical alternative to piezoelectric based hydrophones.