The aim of this seminar is to provide a practical overview on the different reliability assessment strategies and tools that can be used throughout the different lifecycle stages of power electronic components. Topics such as, reliability modeling, failure mechanisms of power devices, reliability testing and standards, and condition monitoring will be covered during the seminar. After briefly introducing the fundamental principles of reliability engineering, the typical reliability evaluation methods (e.g., DFMEA) employed by the power electronics industry will be discussed. Following, a thorough mission-profile-based reliability assessment procedure for power electronic systems will be introduced, and its underlying practical consideration, assumptions, and uncertainties are discussed in detail. To address the evolving failure mechanisms and the growing complexity of lifetime models, different testing methods and standards (e.g., IEC, ECPE, AEC, etc.) are compared, and their limitations are highlighted. Finally, the seminar will cover advanced methods which are transforming the reliability management of power electronics (e.g., condition monitoring and artificial intelligence). The topics addressed in this seminar cover state-of-the-art research outcomes, from a practical point-of-view, and are directed towards both entry-level and senior-level researchers or engineers, interested in the reliability analysis, modeling, and testing, of power electronic components and systems.