In response to the limitations of traditional static reliability analysis methods in characterizing the reliability changes of the Integrated Power System, this paper proposes a time-varying reliability analysis framework based on a Dynamic Bayesian Network. By embedding a multi-physics coupled degradation model into the conditional probability nodes of the Dynamic Bayesian Network, a joint stochastic differential equation for the degradation process was constructed, and the dynamic correlation between continuous degradation and discrete fault events throughout the entire life cycle was achieved. A modified method for modeling continuous degradation systems was proposed, which effectively solves the numerical stability problem of modeling complex degradation systems. Finally, the applicability and correctness of the model were verified through numerical examples, and the results showed that the analysis framework can be effectively applied to time-varying reliability assessment and dynamic health management of complex equipment systems such as the Integrated Power System.