Thermal stress of the power semiconductor is one of the most important indicators for the reliability assessment of power electronics-based power systems. The mapping of the Insulated-Gate Bipolar Transistor (IGBT) junction temperature is usually required to analyze the thermal stress and loss dissipation. However, it is difficult to identify inherent mechanisms of the bond-wire and solder layer failure modes in IGBT power modules. In order to solve the problem, an online method to identify inherent mechanisms of the bond-wire and solder layer failure modes in IGBT power modules is proposed. This method can separate the root causes of the bond-wire lift-off and solder layer fatigue by measuring the <small>on</small>-state voltage drop through a sinusoidal loading current based on an H-bridge circuit, together with its corresponding control and measurement. By comparing the on-state voltage drop at the intersection current and the peak current of the converter, the wear-out conditions of the IGBT power modules can be monitored in real-time with the determination of different failure modes. Finally, experimental results are presented in order to verify the effectiveness and feasibility of the proposed method.