Miniaturization of electronics, reduction of time to market and new functionalities in the current context of autonomous driving, electrification and connectivity, are bringing new reliability challenges. Prognostics and Health Management (PHM) can be used effectively to address some of the key challenges, in particular new challenges associated with the transfer of consumer electronics to automotive industry. The concept of PHM is not new, but its application to electronic systems is relatively new. It is expected that the PHM demand for electronic systems would continuously increase as autonomous driving is being realized. This paper attempts to summarize the recent studies in the system-level PHM of electronic systems. Condition monitoring (CM) techniques and prognostics methods used for the PHM of electronic systems are reviewed first. Various implementation examples are followed using different system classifications. The findings from this review is expected to offer a technical summary of accomplishments and challenges during the course of applying PHM for electronic systems, and to identify future research tasks to be performed to make the PHM a more viable tool for reliability assessment of electronic systems.