In applications such as wind-power generation, FACTS, electrical motor traction and aviation, the failures of IGBTs contribute a large part of those of the converters'. Therefore, a number IGBT life prediction models was proposed to study the reliability problems of power converters. To provide more life information about IGBTs in converters for both system reliability designers and terminal users, this paper presented an overview of the development and research status of IGBT life prediction models. Based on different modeling methods, these models can be categorized into analytical models and physical ones. In this paper, the modeling basis of different models were stated respectively. Based on the analysis of common failure mechanisms of IGBT, these models were compared in term of accuracy and popularity. And the paper also illustrated the impact of accelerated aging tests on life prediction models. Finally, the challenges and development trend of IGBT life prediction models were briefly discussed.