Rising chip temperatures and aggravated thermal reliability issues have characterized the emergence of 3D multiprocessor system-on-chips (3D-MPSoCs), necessitating the development of advanced cooling technologies. Microchannel based inter-tier liquid cooling of ICs has been envisaged as the most promising solution to this problem. A system-level thermal-aware design of electronic systems becomes imperative with the advent of these new cooling technologies, in order to preserve the reliable functioning of these ICs and effective management of the rising energy budgets of high-performance computing systems. This paper reviews the recent advances in the area of systemlevel thermal modeling and management techniques for 3D multiprocessors with advanced liquid cooling. These concepts are combined to present a vision of a green data center of the future which reduces the CO2 emissions by reusing the heat it generates.