Major improvement in semiconductor packaging towards improved power density and high temperature operation for compact design, which accelerates the device aging. Therefore, it is important to monitor device state-of-health with temperature variation. This manuscript represents an advanced thermal network model to track temperature considering material aging factor. The proposed model contains a comprehensive heat loss model to incorporate asymmetry in the power module and a 3D Cauer thermal network model to observe temperature variation and distribution. The thermal network parameters are updated in online condition based on material aging. The model has been validated with an EV grade motor drive.