This project investigates aging characteristics of power semiconductor components as well as development of algorithms for remaining life estimation. In contrast to the common and mature reliability work done in the semiconductor industry, this work focuses on condition-based health management. That is, determination of the presence of abnormal conditions and estimation of remaining life depending on anticipated future use. Such information can be vital in improving the safety of operations and can contribute significantly in improving mission success rate as well as reducing cost of unscheduled maintenance. To that end, we investigate the basic fault mechanisms of power semiconductors that are commonly found in aerospace applications. Aging platforms are being built and models capturing physics-of-failure are being designed in conjunction with algorithms for end-of-life prediction.