As the core foundation of reliability engineering and one of the most crucial aspects of general quality, reliability has been attracting increasing attention from industry and academia. Numerous publications on reliability analysis (RA) have appeared in academic journals, conference proceedings, and technical reports. However, there has not been a systematic summary that covers RA data, models, methods, indicators, and software comprehensively. To fill this gap, this paper analyzed the challenges and the state of the art, as well as determined the future prospects for research on RA. This paper introduces the features of modern complex electromechanical systems (CES), then summarizes the current challenges to the RA of CES. Next, it reviews the latest developments, such as reliability theories, models, methods, and software, then summarizes and compares their advantages and limitations. Finally, it discusses future prospects from the perspectives of reliability data, modeling, decoupling, evaluation indicators, and timely prediction. It is expected that this paper would serve as an introduction to RA for researchers new to this field and as a summary of the current frontiers of RA for experienced researchers.