Power converter plays a very important role in switched reluctance motor (SRM) systems, and it is also the easiest one to experience failures. Power converter faults will cause the motor to run in non equilibrium states, and a long time fault operation will lead to motor and other modules damaged, and make the system completely lose working stability. This paper uses an asymmetric bridge converter as the research object with three-phase SRM, employs the wavelet packet decomposition for the phase currents. It analyzes and studies the short circuit fault condition of IGBT, uses an energy discrete degree of the wavelet packet nodes as the fault characteristic, and conducts the corresponding experimental and simulation analysis to verify the effectiveness and practicality of the proposed method.