Failure mode and effect analysis (FMEA) is a risk analysis tool widely used in the manufacturing industry. However, traditional FMEA has limitations such as the inability to deal with uncertain failure data including subjective evaluations of experts, the absence of weight values of risk parameters, and not considering the conditionality between failure events. In this paper, we propose a holistic FMEA to overcome these limitations. The proposed approach uses the fuzzy best–worst (FBWM) method in weighting three risk parameters of FMEA, which are severity (S), occurrence (O), and detection (D), and to find the preference values of the failure modes according to parameters S and D. On the other side, it uses the fuzzy Bayesian network (FBN) to determine occurrence probabilities of the failure modes. Experts use a procedure using linguistic variables whose corresponding values are expressed in trapezoidal fuzzy numbers, and determine the preference values of the failure modes according to parameter O in the constructed BN. Thus, the FBN including expert judgments and fuzzy set theory addresses uncertainty in failure data and includes a robust probabilistic risk analysis logic to capture the dependence between failure events. As a demonstration of the approach, a case study was conducted in an industrial kitchen equipment manufacturing facility. The results of the approach have also been compared with existed methods demonstrating its robustness.