The direct bonding copper (DBC) substrates of insulated gate bipolar transistor (IGBT) modules degrade inevitably under cycling thermo‐mechanical stress, causing potential threat to the reliability of IGBT modules. However, little attention has been paid to monitoring their degradation. This paper proposes a DBC degradation monitoring method for IGBT modules, which combines boundary‐dependent thermal network and feedback control. A thermal network is employed to describe the internal material degradation of IGBT modules and can be extracted from a finite‐element method model. The boundary conditions including power losses and DBC degradation are considered, enabling the thermal network suitable for various working conditions and different DBC degradation conditions of IGBT modules. The DBC degradation is characterised by its equivalent thermal conductivities measured in the thermal cycling ageing experiments. On the basis of the boundary‐dependent thermal network, feedback control is applied to monitor DBC degradation by regulating boundary‐dependent thermal impedances. Finally, the proposed model is verified from the effectiveness and accuracy of DBC degradation monitoring and junction temperature calculation. This method casts new light on thermal network modelling and could provide a feasible method for the monitoring of DBC degradation.