The invention relates to a module soaking type cooling mechanism and a frequency converter, wherein the module soaking type cooling mechanism comprises a module and a cold plate, wherein the cold plate is provided with a cavity for containing a cooling liquid, and the module is partially embedded in the cold plate, and the module can be immersed in the cooling liquid in the cold plate. The moduleis partially embedded in the cavity of the cold plate, so that the module can be partially soaked in the cooling liquid in the cavity, and therefore, the heat dissipation area of the module is expanded, the heat exchange efficiency is improved, and then the service life of the module is prolonged.