1. Introduction Industrial electronics and electric drives technology have made significant developments after several decades of the dynamic evolution of power semiconductor devices, converters, pulse width modulation (PWM) techniques, advanced control and simulation techniques. Recently its applications have been fast expanding in industrial, commercial, residential, transportation, utility, aerospace, renewable energy systems, electric/hybrid vehicles and military environments, primarily due to reductions in cost and size and improvements in performance. In the global industrial automation, energy conservation and environmental pollution control trends of the 21st century, the widespread impact of industrial electronics is inevitable. It appears that the role of industrial electronics on our society in the future will be as important and versatile as that of information technology today. In this review article, the significance of industrial electronics will be discussed. The recent advances of industrial electronics, power converters, electric drives and new trends in industrial electronics and motor drives, along with some possible research and development areas, will then be highlighted.