<p>Recent advances in power electronics (PE) and machine learning (ML) have prompted the technologists to adapt these new technologies to improve the reliability of PE systems. During the process, a lot of investigations on the performance and reliability of PE systems is carried out. The intention of this paper is to present a comprehensive study of advances in the field of reliability of PE systems using machine learning. Recent publications in this regard are analysed and findings are tabulated. In addition to this, literatures published in the prediction of remaining useful life (RUL) of power electronic components is discussed with emphasis on its limitations.</p>