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Recently, many efforts have been devoted to explore the integration of Internet of Things (IoT) and ServiceOriented Computing (SOC). These works allow the real-world devices to provide their functionality as web services. However, two important issues, unreliable service providing and resource constraints, make the modeling and analysis of service composition in IoT a big challenge. In this paper, we propose a probabilistic approach to formally describe and analyze the reliability and cost-related properties of the service composition in IoT. First, a service composition in IoT is modeled as a finite state machine (FSM) which focuses on the functional part. Then, we extend this FSM model to a Markov Decision Process (MDP), which can specify the reliability of service operations. Furthermore, we extend MDP with cost structure, which can represent the different service quality attributes for each operation, such as energy consumption, communication cost, etc. The desirable quality properties of the service composition are specified by a probabilistic extension of temporal logic PCTL. We adopt a well-established probabilistic model checker PRISM to verify and analyze those properties of our service composition models.