Abstract: Power electronic devices are one of the core components of power electronic systems to realize electric energy conversion and control. The traditional method improves the reliability of power electronic devices by new material/structure/process, redundancy, and derating operation, which is becoming increasingly difficult to meet the requirements of rapidly developing power conversion. At present, the prognostics and health management (PHM) technology of power electronic devices has become a research focus. The state-of-the-art, challenges and development trends of PHM technology are discussed. First, the logical relationship between condition monitoring, fault prediction and health management is sorted out. Then, the technical methods of junction temperature monitoring and the aging evolution of power electronic devices are analyzed in detail. Finally, based on the existing research, it is pointed out that PHM technology needs in-depth research in electrical parameter sensing, model optimization and hybrid multi-fault prediction. The future trend of the power electronic devices PHM technology will be mainly concentrated in the semiconductor chip hardware and the artificial intelligence algorithm.