A system and method analyze reliability of an electronic device using a computing device. The method generates a component coding rule for components of the electronic device, establishes a BOM table for the electronic device according to the component coding rule, and generates component codes for the components according to the component data. The method further classifies the components into different component types according to the component codes, and calculates a failure rate for each of the components according to a parameter equation, obtains mean time between failures (MTBF) of the electronic device by calculating a sum of the failure rates of all the components. In addition, the method generates a reliability analysis report of the electronic device according to the MTBF of the electronic device. and outputs the reliability analysis report to an output device.