The benefit of cryogenic cooling on the performance of millimeter-wave GaAs Schottky-barrier varactor-based frequency multipliers has been studied. For this purpose, a dedicated compact model of a GaAs Schottky-barrier varactor using a triple-anode diode stack has been developed for use with a commercial RF and microwave CAD tool. The model implements critical physical phenomena such as thermionic-field emission current transport at cryogenic temperatures, temperature dependent mobility, reverse breakdown, self-heating, and high-field velocity saturation effects. A parallel conduction model is employed in order to include the effect of barrier inhomogeneities which is known to cause deviation from the expected I--V characteristics at cryogenic temperatures. The developed model is shown to accurately fit the I--V --T dataset from 25 to 295 K measured on the varactor diode stack. Harmonic balance simulations using the model are used to predict the efficiency of a millimeter-wave balanced doubler from room to cryogenic temperatures. The estimation is verified experimentally using a 188 GHz balanced doubler cooled down to 77 K. The model has been further verified down to 14 K using a 78 GHz balanced doubler.