How to meet the daily demand for resident transport while limiting the transmission of infectious diseases is a problem of social responsibility of urban transport systems during major public health emergencies. Considering the novel coronavirus pneumonia epidemic (COVID-19), a bus timetable system based on the “if early, wait, and if late, leave soon” strategy is proposed. Based on public transport vehicle constraints in this system, the concept of reliability is introduced to evaluate public transport timetable systems, and a model based on an event tree is built to calculate the failure rate of urban bus timetables. Then, the public transport situation in Yixing city is used as an example to perform confirmatory analysis, and the fluctuations in the reliability of the bus timetable during the novel coronavirus pneumonia epidemic are discussed. The research results show that the method proposed in this paper can obtain the overall failure rate of urban bus timetable by traversing the calculation of each round-trip interval and achieve an accurate evaluation of the reliability of bus timetables. During the early, middle, and more recent stages of the COVID-19 outbreak, the failure rate of bus timetables in Yixing city initially decreased and then increased. In the early stage of the outbreak, the failure rate of the Yixing bus timetable was 7.8142. However, the failure rate decreased to 4.3306 and 5.0160 in the middle and late stages of the epidemic, respectively. In other words, the failure rate of the public transport network in the middle and late stages decreased by 44.58% and 35.81%, respectively, compared with that in the early stage. Thus, during major health emergencies, such as the novel coronavirus pneumonia outbreak, the reliability of the urban bus timetable system can be improved by at least 35%, and cross-infection at bus stations can be prevented. The research results verify the feasibility and reliability of the implementation of bus timetabling strategies during major health emergencies.