The first‐order reliability method (FORM) is mostly employed in the existing geotechnical reliability‐based design (RBD) methods due to its computational simplicity and efficiency. However, the first‐order Taylor approximation of the limit state surface (LSS) may result in significant errors, especially in cases of highly nonlinear LSS characterized by substantial curvatures. Therefore, FORM‐based RBD methods require a modification of the curvatures to enhance the accuracy of the probabilistic constraints, specifically by converting the target reliability index into a more precise target failure probability. Correspondingly, reliability index‐based design is converted into failure probability‐based design. In this study, the parabolic second‐order reliability method (SORM), which avoids the Hessian calculations, is adopted to improve the accuracy of probabilistic constraints beyond what is achievable with FORM. The proposed SORM‐enhanced RBD method accounts for the curvature information of the nonlinear LSS, modifying the target reliability index to align with the exact target failure probability through the application of SORM. Moreover, by incorporating an implicit coupling function, multiobjective RBD can be effectively implemented without any additional surrogate model. Furthermore, the proposed RBD method is readily extended to reliability‐based design optimization (RBDO) through integration with an optimization strategy. The proposed RBDO method demonstrates a more precise convergence of the probabilistic constraints, surpassing the accuracy of FORM‐based RBDO methods. Notably, the proposed SORM‐enhanced RBDO method not only significantly improves accuracy but also bypasses the necessity for Hessian computation, which remains both the second‐order accuracy and first‐order efficiency. The feasibility of the proposed method is demonstrated through a mathematical example and three practical geotechnical design examples.