Structural health monitoring (SHM) has been widely used for the performance assessment of bridges, especially the methods based on dynamic characteristics. Meanwhile, bridge modal frequency is influenced significantly by environmental factors, such as temperature and humidity. Combined with SHM, a reliability assessment of bridges with the temperature and humidity effects eliminated is proposed. Firstly, the bridge deflection verification coefficient is adopted as the evaluation indicator for bridge condition, which is the ratio of deflection-measured value to deflection-calculated value. It is obtained from the relationship between verification coefficient and modal frequency through theoretical derivation. Secondly, a back propagation (BP) neural network is improved by using an artificial bee colony algorithm and employed as a surrogate model to eliminate the effect of temperature and humidity on frequency. Thirdly, a dynamic Bayesian network is applied to establish the reliability analysis model combined with the monitoring results, so that the probability distribution of bridge parameters is updated to improve the accuracy of the reliability analysis. Finally, a simply supported bridge is used as the case study, based on the proposed method in this work. The results indicate that the proposed method can eliminate the temperature and humidity effect on frequency precisely and effectively. With the effect of temperature and humidity on frequency eliminated, the bridge condition assessment can be evaluated accurately through the reliability analysis based on SHM and the dynamic Bayesian network.