Modular Multilevel Converters (MMC) are complex systems, composed of many elements, and exposed to critical load demands in some cases. Thereby, a detailed design of its components is of preeminent importance to achieve a high system-level reliability. However, the high number of devices challenges the trade-off between cost and reliability. This work, introduces a reliability-oriented design methodology, based on the cost to achieve a predefined unreliability level (Ux). A flowchart presents the main steps of the process, including the mission profile definition, selection of power devices, thermal modeling, reliability modeling and the reliability-oriented selection. To evaluate the proposed methodology, a case study considering 17 MVA/13.8kV MMC-STATCOM with a real mission profile data is conducted. A Ux − cost map is introduced to compare various design solutions, based on power devices of different voltage classes and current capabilities.