As　the　demand　of　power　converter　for　higher　power　density　is　increasing,　bonding　wire　failure　of　IGBT　module　becomes　more　severe.　Accordingly,　it　is　of　great　significance　to　investigate　the　reliability　of　bonding　wire　under　operating　condition　for　improving　the　reliability　of　IGBT　module.　In　this　paper,　the　finite　element　model　of　IGBT　module　was　established,　and　a　two-step　indirect　coupling　electro-thermal-mechanical　analysis　was　conducted　to　evaluate　the　wire　bonding　reliability　of　IGBT　module　under　the　power　cylcing.　The　thermal-mechanical　analysis　results　indicate　that　the　maximum　equivalent　plastic　strain　occurs　at　the　corner　of　the　bonded　interface　between　the　outermost　bonding　wire　and　the　chip,　where　the　cracks　may　initiate　and　then　propagate　along　the　interface,　which　is　consistent　with　the　observations　of　experimental　results.　It　suggests　that　the　outermost　bonding　wire　is　more　likely　to　fail.