Power cycling reliability is one of the most rigorous methods to evaluate the durability of power semiconductor devices against real-life varied electrical and thermal stresses. The corresponding test results can generate lifetime models to predict the service life in operating conditions. This paper provides an overview of the power cycling reliability testing for power semiconductor devices, focusing on both legacy Si and new wide bandgap (WBG) devices. It begins by presenting the power semiconductor packaging trends, their evolving failure mechanisms, and the power cycling test methods. Different testing standards, lifetime models, and their challenges are then discussed. Special attention is given to WBG devices, examining various testing methods and their impacts. A generic lifetime model for different semiconductor materials and packaging technologies is provided based on above 200 samples collected from the existing literature, which can serve as a useful tool for reliability evaluation. Finally, the limitations and associated open questions are discussed to identify future research opportunities.