High-voltage switchgear is a key control and protection unit in power systems. The reliable operation of the operating mechanism is essential for the reliable opening and closing of the switchgear. This is a vital guarantee for the safety and stability of the power systems. The spring operating mechanism is a commonly used actuator for circuit breakers at 12–252 kV. However, a reliability estimation method that is convenient, practical and accurate is still lacking. The aim of this paper is to explore a reliability estimation method based on a stress–strength interference reliability theory and a fatigue life theory. The changing rules of the reliability of the main axis, and the closing pawl and opening pawl in the spring operating mechanism during operations, are achieved. The accuracy of the calculated reliability based on theories of stress–strength interference and fatigue life is verified by adopting a test data statistical reliability model based on Weibull distribution. The results show that the reliability estimation method based on stress–strength interference and fatigue life theories has a high degree of confidence. The maximum tolerance is 0.024. The study would help in providing a useful reference for the optimization and durability estimation of a spring operating mechanism and its key components in high-voltage circuit breakers.