A method for debugging firmware/software by generating trace data includes the following steps: running a debug module in a power-on stage in a test system, to record a load address and a branch instruction execution record set of a tested module into an area for temporary storage; accessing, by an analyzer, in an operating system stage in the area for temporary storage, the load address and the branch instruction execution record set and accessing a program debug symbol table, where the program debug symbol table is generated when source program code is compiled; and finding, by the analyzer, an original source file, a function name, and line numbers of executed codes from the program debug symbol table according to the load address and the branch instruction execution record set to generate an analysis report that includes a program execution path and a program code coverage.