The lifetime of power electronic systems is the focus of both the academic and industrial worlds. Today, compact systems present high switching frequency and power dissipation density, causing high junction temperatures and strong thermal fluctuations that affect their performance and lifetime. This paper is a review of the existing techniques for the electro-thermal modelling of Mosfet and IGBT devices regarding lifetime estimation. The advantages and disadvantages of the methodologies used to achieve lifetime prediction are discussed, and their benefits are highlighted. All the factors required to predict power electronic device lifetime, including Mosfet and IGBT electrical models, the computation of power losses, thermal models, temperature measurement and management, lifetime models, mission profiles, cycle counting, and damage accumulation, are described and compared.