Numerical control (NC) machine tools are the fundamental equipment of the machinery industry. The reliability of NC machine tools directly influences the processing quality, productivity, and efficiency. This paper reviews the latest developments in the reliability analysis of NC machine tools. The main analysis methods and modeling techniques used in reliability assessment of NC machine tools are illustrated with brief case studies. The reliabilities of typical subsystems of NC machine tools are discussed. In addition, several important key problems and issues remain to be addressed about the reliability analysis of NC machine tools and opportunities for further research are identified.