Failure modes and effects analysis (FMEA) is a safety and reliability technique that is widely used to evaluate, design, and process a system against diverse possible ways through which the potential failure has a tendency to occur. In conventional FMEA, the risk evaluation is determined by risk priority number (RPN) obtained by multiplying of three risk factors—severity, occurrence, and detection. However, because of many shortages in conventional FMEA, the RPN scores have been widely criticized along issues bothering on ambiguity and vagueness, scoring, appraising, evaluating, and selecting corrective actions. In this paper, we propose a new integrated fuzzy smart FMEA framework where the combination of fuzzy set theory, analytical hierarchy process (AHP), and data envelopment analysis (DEA) is used, respectively, to handle uncertainty and to increase the reliability of the risk assessment. These are achieved by employing a heterogeneous group of experts and determining the efficiency of FMEA mode with adequate priority and corrective actions using RPN, time, and cost as indicators. A numerical example (aircraft landing system) is provided to exemplify the feasibility and effectiveness of the proposed model. The outputs of the proposed model compared with the conventional risk assessment technique results show its effectiveness, reliability, and propensity for real applications.