Based on an analysis of the working principles of the hydraulic variable pitch system of a wind turbine, a novel Petri net model and reliability evaluation method are proposed. First, Petri net theory is adopted to build a model for each discrete state of the operation of the hydraulic pitch system of the wind turbine and at the same time a fault Petri net model is established. Then through qualitative analysis and quantitative calculations based on the fault Petri net, the system reliability indexes are obtained. During the qualitative analysis process, in order to more conveniently find the minimal cut sets of the fault Petri net, a Visual C++ 6.0-based algorithm is compiled and the minimal cut sets are tested correctly with another method. During the quantitative calculation process, the fault probability has been obtained from the equations according to the fault probability of libraries and transitions between different states. Not only does the proposed Petri net describe the structure, function and operation of the hydraulic pitch system with a graphic language, but the fault Petri net model can also clearly express the logical relations among faults. The novel Petri net model offers simple calculations and the prospect of broad applicability and the new reliability evaluation method provides an important reference for the performance evaluation of these systems.