Stand-alone microgrids have become reliable and efficient solutions for remote areas and critical infrastructures. However, the converters within these microgrids experience long-term complex power fluctuations caused by random variations in micro sources and loads. These power fluctuations induce thermal cycling in semiconductor chips, leading to thermal fatigue failure and compromising the safety and reliability of both the converter and microgrid operation. To address this issue, this paper proposes a reactive power injection algorithm aimed at reducing the output power fluctuation of the converter. The algorithm implements reactive power injection at the converter control level, thereby restructuring the output power profile and resulting in reduced junction temperature fluctuations in IGBTs. This approach effectively mitigates thermal stress within the material layers of the module, extending the lifetime of power devices and improving the operational reliability of the microgrid. The algorithm implementation is based on the PQ control strategy, integrating the power triangle with the envelope detection technique. Furthermore, the lifetime prediction process utilizes the electro-thermal coupling model, the rainflow counting algorithm, and the Lesit model. Simulation results demonstrate that, for an active power fluctuation range of 10 kW to 80 kW and an equivalent RC time constant of 22.5 s, the algorithm achieves a significant reduction of 62.64% in the amplitude of output power fluctuation and extends the lifetime of power devices by 74.13%. The obtained data showcase the effectiveness of the algorithm in enhancing the lifetime of power devices and further improving the microgrid operational reliability under specific parameter conditions.