There are many bars in grid structures, and their topological relationships are complex, so the workload of calculations involved in researching their reliability is large. In this paper, based on the geometric topological relationship within a grid structure, a series–parallel system analysis of the structure is carried out by means of node analysis, constraint grade division, and hierarchical combination analysis, and the series–parallel analysis results for the structure are used to judge the failure of the structure. In order to avoid the problem of missing important components due to unreasonable selection of the bounding threshold when identifying failed components, an adaptive dynamic bounding threshold method with high accuracy is introduced. The failure probability value of the failure path is calculated using the direct numerical integration method, and the reliability of the whole structure is obtained. Finally, the validity of this method is verified using an example of a square pyramid grid structure. The results show that the method is feasible for series–parallel system analysis, structural failure judgment, and reliability analysis of a grid structure.