To more precisely assess the reliability of wind turbine gears, a competing failure model is established with consideration given to the degradation of internal fatigue strength and external random shocks. Firstly, the nonlinear Gamma process is adopted to depict the degradation of fatigue strength, and the strength‐stress interference theory is used to establish the threshold of degradation failure that changes over time. Also, the non‐homogeneous Poisson process is employed to depict the arrival of the shock, and classification of the shocks. Secondly, the correlation between degradation and shock is described, while the effect of shocks on degradation is demonstrated as a sudden increase in the extent of degradation. Besides, the decline rate of residual strength curve is introduced to describe the change in intensity parameters of the Poisson process, and then the effect of degradation on shocks is described. Finally, the sun gear in the wind turbine gearbox is an example. Monte Carlo simulation is used to calculate the reliability of the dependent competing failure model. This is then compared with the conventional stress‐strength interference model. The results verify that when the relationship between degradation and the shock process is disregarded, the reliability of gears may be overestimated.