Driven by the recent energy saving trend, conventional silicon based power conversion modules are being replaced by modules using silicon carbide. Previous papers have focused mainly on the electrical advantages of silicon carbide semiconductors that can be used to design switching devices with much lower losses than conventional silicon based devices. However, no systematic study of their thermomechanical reliability in power conversion modules using finite element method (FEM) simulation has been presented. In this paper, silicon and silicon carbide based power devices with three-phase switching were designed and compared from the viewpoint of thermomechanical reliability. The switching loss of power conversion module was measured by the switching loss evaluation system and measured switching loss data was used for the thermal FEM simulation. Temperature and stress/strain distributions were analyzed. Finally, a thermal fatigue simulation was conducted to analyze the creep phenomenon of the joining materials. It was shown that at the working frequency of 20 kHz, the maximum temperature and stress of the power conversion module with SiC chips were reduced by 56% and 47%, respectively, compared with Si chips. In addition, the creep equivalent strain of joining material in SiC chip was reduced by 53% after thermal cycle, compared with the joining material in Si chip.