This paper provides a comprehensive review of the research work related to Reliability Assessment Methodologies for grid‐connected photovoltaic (PV) systems performed in recent literature. Solar power is emerging as the fast growing source of energy in the world as a result of rising environmental concerns regarding the hazards of climatic change linked with the production of electricity using fossil fuels. Although PV systems can support small businesses and households on their own, many people prefer a grid‐connected PV system (PVS) because of the net profit it provides. Grid‐integrated PV system, however, comes with many reliability issues. Evaluating the reliability of grid‐integrated photovoltaic system is thus an important area of research. The article presents a critical survey of the state‐of‐art technologies for assessing the reliability of a PV system. Issues related to the reliability of the grid‐integrated PVS are spotted along with the solution techniques. Reliability indices for analyzing the PVS performance are also discussed.