Reliability Centered Maintenance (RCM) is a well-known maintenance method originated in the aviation sector. It has shown a huge success such that consequently this technique has been adapted in more industrial sectors. Currently, the system maintenance has become more extensive and complex task. As a result, the equipment structures and functions are continuously becoming more complicated and diverse, which ultimately makes determining their reliability much more challenging. In addition, traditional RCM techniques can no longer meet the new requirements, including real-time condition monitoring, health diagnosis, remote maintenance, and intelligent maintenance required in industry 4.0. This paper highlights the challenges, issues and difficulties in adopting RCM with industry 4.0. A conceptual model-based solution is put forward to provide solutions towards the identified challenges. The model-based solution includes effective and promising solutions by combining RCM technology with artificial intelligence, digital twins, internet of things, big data, and model-based reliability analysis technology to provide advanced real-time data based equipment management, including online health monitoring and intelligence fault diagnostics and remote maintenance. This study will provide a base for implementing RCM with Industry 4.0 to provide smart and intelligent maintenance of the equipment’s or assets.