This paper provides an overview on the health management of power electronics (PE) converters. Reviewed topics encompass physics-based and data-driven prognostics, failure mechanism of PE components, and different aspects of PE condition monitoring. Examples and results for health management approaches are given for automotive power module fatigue life, for traction IGBT module humidity sensing, for data acquisition from smart gate drivers, for fault-tolerance strategies in modular multilevel converters, and for SCADA data analytics and machine learning.