The main research intent of this paper is to introduce the use of fault tree analysis (FTA) and failure mode and effects analysis (FMEA) in conjunction to analyse the risk and reliability of a complex mechatronic system in both qualitative and quantitative manner. The major focus is on handling imprecise and vague information with the help of fuzzy synthesis of information. A complex mechatronic system, i.e. modular automated production system (MAPS), composed of mechanical, electronic, and embedded software subsystems is considered to study the reliability aspects using hybrid FTA. From the results, it is found that the proposed approach models both subjective issues such as human errors along with hardware failures. The in-depth analysis and prioritizing of failure modes using a risk ranking approach based on fuzzy inference system and grey relation approach not only integrate expert judgment, experience, and expertise in more flexible and realistic manner, but also address the limitations associated with traditional procedure of FMEA.