Among the different maintenance techniques applied to wind turbine (WT) components, online condition monitoring is probably the most promising technique. The maintenance models based on online condition monitoring have been examined in many studies. However, no study has considered preventive maintenance models with incorporated probabilities of correct and incorrect decisions made during continuous condition monitoring. This article presents a mathematical model of preventive maintenance, with imperfect continuous condition monitoring of the WT components. For the first time, the article introduces generalized expressions for calculating the interval probabilities of false positive, true positive, false negative, and true negative when continuously monitoring the condition of a WT component. Mathematical equations that allow for calculating the expected cost of maintenance per unit of time and the average lifetime maintenance cost are derived for an arbitrary distribution of time to degradation failure. A numerical example of WT blades maintenance illustrates that preventive maintenance with online condition monitoring reduces the average lifetime maintenance cost by 11.8 times, as compared to corrective maintenance, and by at least 4.2 and 2.6 times, compared with predetermined preventive maintenance for low and high crack initiation rates, respectively.