An illumination device and method is provided herein for calibrating individual LEDs and photodetector(s) included within the illumination device, so as to obtain a desired luminous flux and a desired chromaticity of the device over time as the LEDs age. Specifically, a calibration method is provided herein for characterizing each emission LED and each photodetector separately. The wavelength and intensity of the illumination produced by each emission LED is accurately characterized over a plurality of different drive currents and ambient temperatures, and at least a subset of the wavelength and intensity measurement values are stored with a storage medium of the illumination device for each emission LED. The responsivity of the photodetector is accurately characterized over emitter wavelength and photodetector junction temperature, and results of said characterization are stored with the storage medium.