A method for evaluation of switched reluctance motor system reliability through quantitative analysis of a three-level Markov model. Through analysis of the operating condition of switched reluctance motor drive system under first-level faults, second-level faults and third-level faults, 4 valid states and 1 invalid state under first-level faults, 14 valid states and 4 invalid states under second-level faults, and 43 valid states and 14 invalid states under third-level faults are obtained. If initial normal state and final invalid state are also considered, a three-level Markov model will have 62 valid states and 20 invalid states in total. A state transition diagram of the switched reluctance motor drive system under three-level faults is established, a state transition matrix is obtained, a probability matrix of the system in valid states is attained, the sum of all elements of the probability matrix is calculated, and MTTF is obtained from a reliability function.