Hierarchical Bayes, or E‐Bayes, is frequently used to estimate the failure probability when solving a zero‐failure reliability evaluation model; however, the accuracy of the reliability estimation using these methods is not very good in practice. Due to this, a novel double‐modified hierarchical Bayes (DMH‐Bayes) is proposed for Weibull characteristic data in this study to enhance failure probability estimation and improve reliability point estimation accuracy. Meanwhile, in order to guarantee the preservation of the assessment findings' consistency and confidence level, the parametric Bootstrap method (P‐Bootstrap) and the L‐moment estimation method based on point estimation are introduced to obtain reliability confidence interval estimates. Based on Monte–Carlo simulation testing and analysis of a gyroscope bearing, the new model is confirmed to have better applicability and robustness while improving the accuracy of reliability assessment.