The traditional method of calculating junction temperature does not consider the dependence of a material’s thermal conductivity on temperature, in which the thermal conductivity changes with temperature. However, with an increase in junction temperature, the temperature sensitivity (TS) will have a more significant impact on the actual temperature of chips. This study established an improved IGBT equivalent thermal impedance model that considers the nonlinear characteristics of the TS of chips and ceramic materials. The Fourier series analysis method was used to obtain the heat flux density curve, and then the heat diffusion angles of each layer were solved. Moreover, iterations were performed until the thermal conductivity and temperature of the chip and ceramic layers matched the nonlinear characteristics of the TS. When the power loss was less than 200 W, the maximum error of the junction temperature calculated by the proposed method considering TS was 3%, while the maximum error of the method without considering TS was 9.5%. Compared with the finite element simulation, the proposed method has a faster solving speed and high accuracy. The proposed method only requires the input material parameters, size parameters, and boundary conditions to solve the junction temperature, which has strong practicality and high accuracy.