Power electronic circuits are widely used in rail transit, new energy power generation, aerospace and other fields. Therefore, stable and safe operation of power electronic circuits have a great impact on the reliability of the entire electrical system. Failures of majority of the power electronic circuits are not caused by sudden breakdown, but gradually degenerate in the process of operation until their functions are completely lost. It is necessary to carry out accurate health assessment and fault prediction for power electronic circuits. According to different research objects, fault prediction methods of power electronic circuits are divided into two categories: component-level fault prediction methods and circuit-level fault prediction methods. For each type of method, the specific principle and workflow are described in detail, and its advantages and disadvantages are analyzed. Finally, the research difficulties and the future development directions of fault prediction methods for power electronic circuits are pointed out.