The high thermal design power and the lower temperature limits of next-generation server processors will challenge the practicality of air cooling and frustrate the drive for efficiency and sustainability. Applying single-phase immersion cooling technology to chips and servers helps achieve significant energy savings and adapt to future power densities for data centers. A comprehensive reliability and availability study is necessary for mission-critical operations in data centers before this revolutionary technology is widely adopted. Degradation of material properties or component functions can result from fundamental mechanical, chemical, electrical, and thermal changes in the typical operating environment. Compared to air, the superior heat capacity of electronic fluorinated liquid-based single-phase immersion cooling technology eliminates hot spots and produces less temperature variation in space and time. The prolonged immersion and interaction between various server components and the liquid in different work loadings of its product life cycle have not been observed in conventional air cooling. This paper, based on a single-phase immersion cooling system, focuses on the reliability of chips and boards when immersed in electronic fluorinated liquid at the equipment level to better understand the impact and long-term reliability of the liquid and offer a theoretical basis for its application in engineering practice.