In this paper, the failure mechanism characteristics of electronic devices under different service environments for package, chip, circuit board, electronic components, systems and multiple systems are discussed. The analytical methods for failure mechanisms such as FMECA and FMMEA have been studied. The failure physical models are classified and discussed in combination with failure mechanisms such as low cycle fatigue, high cycle fatigue, crack initiation, reaction theory model, and chip failure. The reliability evaluation of electronic products and the application of physical models are systematically discussed, which provides a basis for the reliability evaluation of electronic products and the selection of failure physical models.