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Yes, the wire size has to be increased. The existing 100 amp service will now probably have a #3 conductor with an insulation factor of 75 or 90 degrees C which is rated for 100 and 105 amps respectively. Increasing to a 150 amp service will use a #1/0 wire size. If you are thinking of an upgrade, skip the 150 amp service and go to a 200 amp panel. New homes are installing 200 amp 42 circuit panels. The extra cost is only reflected in the materials as the labour costs will be the same regardless whether a 150 amp or a 200 amp panel is installed. The wire size for a 200 amp panel is #3/0. With an insulation factor of 75 or 90 degrees C the rating is 200 or 210 amps respectively.
The size breaker you use is determined by the size wire used in the circuit. If you use AWG #12/2 wire then use a 20 amp breaker. If you use AWG # 14/2 then use a 15 amp breaker.
Normally it is a 20 amp using AWG 12/2 gauge wire. But it really depends on what size wire is on that circuit. If it is white AWG 14 gauge then use a 15 amp breaker. If it is yellow AWG 12 gauge then use a 20 amp breaker.
AWG # 3/0 copper.
A 200 amp service panel with a 60 amp sub-panel.