Tool magazine is an important part of a processing center. Tool magazines have the advantage of reducing work parts turnover, handling, and storage time. In addition, some research shows that the use of tool magazine in machine tools in the machining center can make the cutting time utilization rate of machine tools 3-4 times higher than that of ordinary machine tools, and has better machining consistency, thus improving processing accuracy and processing efficiency, shortening the production cycle. Therefore, the reliability, efficiency and accuracy of the tool magazine have a crucial impact on the stability of the machine tool. Therefore, the reliability analysis of CNC machine tool magazine is considerably important. In view of this problem, this paper puts forward that the reliability model of the tool magazine is established after the parameter estimation and hypothesis test, and then the maintainability model of the tool magazine is built, it ends with the fault analysis of the tool magazine.