Effective prediction of aircraft failure rate has important guiding significance for formulating reasonable maintenance plans, carrying out reliable maintenance activities, improving health management levels, and ensuring the safety of aircraft flight, etc. Firstly, combining the advantages of time series model in eliminating random accidental factors interference, grey model in dealing with poor information, and the characteristics of artificial neural network in dealing with nonlinear data, the failure rate of aircraft equipment is predicted by ARIMA model, grey Verhulst model, and BP neural network model, and secondly, based on the idea of variable weight, the method of sum of squares of errors is used to reciprocate. Shapley value method and IOWA operator method determine the weighting coefficient and establish three combined forecasting models for aircraft failure rate prediction, so as to improve the accuracy of the algorithm. Finally, taking the data of actual aircraft failure rate as the research object, the performance indexes of design prediction model are judged by Mean Absolute Percentage Error (MAPE), Root Mean Square Error (RMSE), Mean Absolute Error (MAE), Index of Agreement (IA), Theil Inequality Coefficient (TIC), Equal Coefficient (EC), Nash-Sutcliffe Efficiency coefficient (NSE), Pearson test, and violin diagram of forecast error distribution. The experimental results show that: The forecasting precision of the combination model is better than that of the single model, and the evaluation index of combination forecasting model based on IOWA operator is better than that of other combination forecasting models, thus improving the forecasting accuracy and reliability. Compared with other typical prediction models simultaneously, it is verified that the proposed combined prediction model has strong applicability, high accuracy, and good stability, which provides a practical and effective technical method for aircraft fault prediction and has good application value.