The wind turbine drivetrain suffers significant impact loads that severely affect the reliability and safety of wind turbines. Bearings and gears within the drivetrain are critical components with high repair costs and lengthy downtime. To realistically assess the system reliability, we propose to establish an electromechanical coupling dynamic model of the wind turbine considering the control strategy and environmental parameters and evaluate the system’s reliability of wind turbine drivetrain based on loads of gears and bearings. This paper focuses on the dynamic reliability analysis of the wind turbine under the control strategy and environmental conditions. SIMPACK (v9.7, Dassault Systèmes, Gilching, Germany) is used to develop the aero-hydro-servo-elastic coupling dynamic model with the full drivetrain that considers the flexibility of the tower and blade, the stochastic loads of wind and waves, gear meshing features, as well as the control strategy. The system reliability level of wind turbine drivetrain at different wind conditions is assessed using survival signature and fault tree analysis (FTA), and the influences of strength degradation of the transmission components on the system reliability are explored. Following this, the bending fatigue reliability and contact fatigue reliability concerning different wind conditions are compared in this paper. A case study is performed to demonstrate the effectiveness and feasibility of the proposed methodology.