The Insulated Gate Bipolar Transistor (IGBT) is the component with the highest failure rate in power converters, and its reliability is a critical issue in power electronics. IGBT module failure is largely caused by solder layer fatigue or bond wires fall-off. This paper proposes a multi-chip IGBT module failure monitoring method based on the module transconductance, which can accurately monitor IGBT module chip failures and bond wire failures. The paper first introduces the failure mechanism and module structure of the multi-chip IGBT module; then, it proposes a reliability model based on the module transconductance and analyzes the relationship between chip failure, bond wire failure, and the transmission characteristic curve of the IGBT module. Finally, the module transconductance under chip failure and bond wire failure is measured and calculated through simulation, and the temperature is calibrated, which can eliminate the influence of temperature on health monitoring. The results show that the method has a high sensitivity to chip failures and bond wire failures, can realize the failure monitoring of multi-chip IGBT modules, and is of great significance for improving the reliability of power converters.