A semi-Markov model of a system with combined time reserve and a discrete-continuous phase space of states is considered. Basic reliability characteristics of this system are found.The use of time reserves is a method of increasing the reliability and efficiency of functioning of systems [1,2]. This method is used when a system can spend some additional time (a time reserve) to restore its characteristics during its functioning. Sources of this time reserve are interoperational accumulators, a throughput reserve, etc. In [3,4], systems with cumulative, instantly replenished, and gradually replenished time reserves were considered. In this article, we analyze the reliability of a system with combined time reserve that consists of cumulative and instantly replenished components. Here, as in [3,4], the apparatus of the theory of semi-Markov processes with a common phase state space is used [5]. A system S includes an object that is represented by one structural element and has a combined time reserve. The nonfailure operating time of the object is a random quantity (RQ) a with a distribution function (DF) F t ( ), and its restoration time is an RQ b with a distribution function G t ( ). The system has an instantly replenished (random) time reserve determined by an RQ g with a distribution function R t ( ) and a cumulative (nonrandom) time reserve t > 0 used after exhausting the time reserve g. A system failure occurs at the moment of complete use of the cumulative time reserve and continues until the object is restored. It is assumed that, to the moment of restoration of the object, the cumulative time reserve is again replenished to a level t. We assume that the RQ a b g , , and are independent and have finite expectations; the DF F t G t R t ( ), ( ),and ( )have densities f t g t r t ( ), ( ),and ( ). To describe the functioning of the system, we use a Markov renewal process (MRP) { } x q n n n , ; ³ 0 and a semi-Markov process (SMP) x( ) t that corresponds to the renewal process and has the following states: 0x means that the operability of the object is restored and the quantity of the remaining cumulative time reserve is equal to x x , 0 < £ t, 1x means that the operability of the object is violated, the use of the instantly replenished time reserve is initiated, and the quantity of the remaining cumulative time reserve is equal to x x , 0 < £ t, 2 yx means that the instantly replenished time reserve is exhausted, the use of the cumulative time reserve is initiated, a time y > 0 has gone from the beginning of restoration of the object, and the quantity of the remaining cumulative time reserve is equal to x x , 0 < £ t, and wx means that the system fails and the time to the moment of completion of the restoration of the object equals x > 0 .We assume that the system is in a state 0t at the moment of time t = 0 . Let us describe the semi-Markov kernel Q t x B ( , , ) of the MRP { } x q n n n , ; ³ 0 in the differential form Q t x x F t Q t x x R t g t dt Q t x d t ( , , ) ( ), ( , , ) ( ) ( ) , ( , , 0 1 1 0 1 2 ...