Uncertainty is more or less encountered in industrial and medical systems as well. Uncertainty theory is an upgraded theory which comprises of possibility measure, necessity measure and credibility measure plays significant role in modelling uncertainty. In connection with uncertainty modeling, a special and intricate fuzzy variable viz., semi-elliptic fuzzy variable (SEFV) is thrashed out here. Subsequently, an attempt has been made to derive possibility, necessity and credibility measure of the SEFV first. Later, some other properties such as expected value, variance, rational upper bound etc are presented and based on that mean and variance ranking of SEFVs are proposed. Afterwards reliability analysis and medical diagnosis cases are carried out which exhibit the efficiency and novelty of the derived SEFV. In this work done, it is observed that the present work has the capability to resolve problems under uncertain complex situations. better to treat uncertainty and further studied by acolyte researchers such as Dubois and Prade [26], Klir [27], Yager [28] etc. Furthermore, Dubois and Prade [29] studied mean value of fuzzy numbers, Ban [30] discussed fuzzy valued measure and conditional expectations of fuzzy numbers, Heilpern [31]studied expected value of fuzzy numbers, Carlsson and Fuller [32] developed possiblistic mean and variance of fuzzy numbers, Chen and Tan [33] further developed mean value and variance of multiplication of fuzzy numbers. Nevertheless in the absence of self duality measure the earlier studies lead to the exaggeration of the reality. keeping this in mind, Liu and Liu [34] initiated a concept termed as credibility theory. Li and Liu [35] presented a sufficient and necessary condition for credibility measures. Further Liu and Liu [36] systematically studied and developed credibility theory. After that some extended studies on credibility theory can be observed in Liu [37], Zhou et al. [38], Yi et al. [39], Garai et al. [40].Although various types of fuzzy variables are encountered, however, an exceptional and intricate fuzzy variable SEFV in terms of credibility theory is not deliberated yet. This paper presents an approach to derive possibility, necessity and credibility measure of the SEFV. Furthermore, expected value, variance, rational upper bound etc of SEFV are presented. Then ranking of SEFNs through expected value and variance is proposed. Finally, novelty and applicability has been exhibited by performing reliability analysis and medical diagnosis cases.