As one of the most vulnerable components to temperature and temperature cycling conditions in power electronics converter systems in these application fields as wind power, electric vehicles, drive system, etc., power semiconductor devices draw great concern in terms of reliability. Owing to the wide utilization of power semiconductor devices in various power applications, especially insulated gate bipolar transistors (IGBTs), power semiconductor devices have been studied extensively regarding increasing reliability methods. This study comparatively reviews recent advances in the area of reliability research for power semiconductor devices, including condition monitoring (CM), active thermal control (ATC), and remaining useful lifetime (RUL) estimation techniques. Different from previous review studies, this technical review is carried out with the aim of providing a comprehensive overview of the correlation between various enhancing reliability techniques and discussing the corresponding merits and demerits by using 144 related up-to-date papers. The structure and failure mechanism of power semiconductor devices are first investigated. Different failure indicators and recent associated CM techniques are then compared. The ATC approaches following the type of converter systems are further summarized. Furthermore, RUL estimation techniques are surveyed. This paper concludes with summarized challenges for future research opportunities regarding reliability improvement.