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According to the deficiency that traditional reliability and safety analysis approach cannot describe dynamic behaviors of complex system, priority of failure events, and failure mode propagation. A new safety analysis and assessment technique is studied. It is based on the finite state machine theory and use the formal specification language AltaRica for system modeling. Because it puts event as a driver, which can describe dynamic behaviors and state transition of the system. In addition, propose a safety analysis and assessment method of complex system based formal model, combining the aircraft hydraulic system case-study.