The multi-chip parallel insulated gate bipolar transistor (IGBT) is the core device in large-capacity power electronic equipment, but its operational reliability is of considerable concern to industry. The application of IGBT online degradation state analysis technology can be benefcial to the improvement of system reliability. The failure mechanism of IGBT devices is discussed in this paper, and a technique for analyzing the degradation state of IGBT based on apparent junction temperature is proposed. First, the distortion consistency of the voltage rise time in various failures is discussed, and the junction temperature dependence of the voltage rise time is then demonstrated. Subsequently, an apparent junction temperature model based on the voltage rise time is established (the ftting accuracy is as high as 94.3%). From the high-frequency model in the switching process of the device, an online extraction technology of key parameters (e.g., voltage rise time) is developed. Finally, an experimental platform for IGBT degradation state estimation is established, and the feasibility of IGBT degradation state estimation based on apparent junction temperature is proved, especially the degradation of bonding-wire and the gate-oxide-layer. The experimental results show that the proposed IGBT degradation state estimation technique based on apparent junction temperature is a reliable online estimation method with non-contact, high accuracy, and comprehensiveness.