In this paper, a new degradation model of the more electrical aircraft (MEA) actuation system is proposed. The bond graph model is used to build the dissimilar redundancy actuation system model, taking into account the degradation behavior (wear, fatigue, aging) of components in the system operation and the fault coupling phenomenon caused by the accumulation of dissipated energy in space and time, and a fault coupling degradation model of the actuation system is established with clear mechanism support. Through the fault mechanism analysis, various fault types are injected into the bond graph model of the actuation system, and the simulation results are compared. The influence of fault propagation on system output is analyzed, the system’s reliability is assessed, and the performance evaluation of the actuation system is realized while taking the fault coupling mechanism into account.