This paper presents some of the key advances in power electronics pertaining to shipboard electric power system applications. The focus is on the emerging wide bandgap semiconductor devices, i.e., silicon carbide (SiC) and gallium nitride (GaN) devices, and their potential impact on future shipboard power conversion and drives. Their benefits on power converter efficiency and power density are explained through a case study of a medium-voltage (MV) class motor drive system. SiC and GaN also enable new applications, including solid-state transformers, while posing new design and application challenges such as gate drive, protection, and interaction with loads. In addition to device related topics, this paper also overviews other important advances in power electronics, including topology, control, passive components, thermal management, filters, and packaging. The significance of power electronics building blocks (PEBBs) concept for shipboard power system development is discussed. Recognizing the growing complexity of shipboard power systems, some system-level technologies related to future MV direct current (dc) system architecture are highlighted.