Finite element method (FEM) is a general method for solving partial differential equations and is the mainstream numerical solution method in engineering field. This paper reviews the development history of finite element technology, and points out the development direction of finite element technology and the current bottleneck problems. With the development of high-performance computing technology, high-performance computing technology is considered to be one of the important forces to improve the efficiency of finite element computing and to promote the development of finite element technology. This paper introduces the finite element technology under the framework of high-performance computing technology, discusses the key issues of element analysis, stiffness matrix assembly and equations solving, and summarizes the development roadmap of high-performance finite element technology. Finally， based on the characteristics of electromagnetic simulation of electric equipment in power system, this paper discusses the existing problems and possible solutions of electromagnetic simulation of domestic equipment and the development of the novel compuational technique has been prospected.