In this paper, the thermal behavior of double sided cooled (DSC) power modules (PMs) is investigated through an in-depth analysis based on finite-element method simulations. Although the innovative DSC technology undoubtedly improves the electrical performance and mechanical ruggedness of power modules, its promising thermal behavior – characterized by peculiar heat pathways – deserves to be further discussed. DSC PMs are analyzed by activating and de-activating each cooling surface in a wide range of boundary conditions. To provide a comprehensive explanation of the thermal phenomena occurring in such assemblies, a steady-state model relying on an equivalent thermal circuit is proposed.