This article presents an online condition monitoring (CM) scheme for semiconductors used in modular multilevel converters (MMCs) that comprise cascaded H-bridge submodules. The CM algorithm is based on detecting changes in the <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">on</small> -state resistance of the semiconductors over time. The proposed method is shown to successfully perform a curve tracing of semiconductors in MMCs while the semiconductor junction remains at a temperature that is readily measurable and undergoes minute changes during the measurement process. The <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">on</small> -state resistance value is estimated from the measured <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">on</small> -state voltage drop of the semiconductors and the measured arm current. Measuring the <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">on</small> -state resistance at known temperatures allows for separating temperature-dependent variations of the <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">on</small> -state resistance from age-dependent variations of this parameter. Suitable methods for reducing the effect of noise on the curve-traced data are proposed, and a recursive least square estimator is used to extract the optimum <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">on</small> -state resistance from the traced <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"><tex-math notation="LaTeX">$v_{CE}-i_{C}$</tex-math></inline-formula> curve. Simulation results show that the proposed scheme can accurately determine the <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">on</small> -state resistance of semiconductors at a known temperature and under various levels of measurement noise. Moreover, experimental results on a low-power prototype show that the proposed scheme is applicable in practice, and provides similar online curves to what a commercial curve tracer can produce offline. The experimental verification has been conducted under constant load conditions; however, the proposed methods can be used under any variable load condition as well.