DC-link capacitors are a major factor of degrading reliability of power electric converters because they usually have a shorter lifetime and higher failure rate than those of semiconductor devices or magnetic devices. Characteristics of the capacitors are usually evaluated by a single sinusoidal current waveform. However, actual current flowing out of the converter into the capacitor is a modulated square current waveform. This paper provides experimental comparison of the power loss dissipated in an aluminum electrolytic capacitor between sinusoidal and square-wave current injections. Power loss is estimated by temperature rise of the capacitor. Experimental results confirm that power losses of the square-wave current injection were always lower than those of the sinusoidal current injection by 10–20%. Moreover, the power losses of the square-wave current injection can be estimated by a synthesis of fundamental and harmonic currents based on the Fourier series expansion, which brings a high accuracy less than 1% when more than fifth harmonic current is introduced. This comparison will be useful for estimating power loss and life time of electrolytic capacitors.