A method of fault diagnosis was proposed for power electronics circuits based on S transforms similarity. At first, the standard module time-frequency matrixes of S transforms for all fault signals were constructed, then the similarity of fault signals' module time-frequency matrixes to standard module time-frequency matrixes were calculated, and according to the principle of maximum similarity, the faults were diagnosed. The simulation result of fault diagnosis of a thyristor in a three-phase full-bridge controlled rectifier shows that the method can accurately diagnose faults and locate the fault element for power electronics circuits, and it has excellent performance for noise robustness and calculation complexity, thus it also has good practical engineering value in the solution to the fault problems for power electronics circuits.