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The continuous-state fault tree (CSFT) is used for reliability analysis for the degradation performance of SLD. Firstly, the degradation performance of SLD is analyzed and the methods of building CSFT are proposed. Based on CSFT, the formula for reliability is deduced. Secondly, the reliability quantitative analysis of SLD is introduced based on the building CSFT of SLD. Thirdly, the reliability curve of SLDs is obtained by modeling the reliability with the method of Brownian motion with drift, then the result that reliability of SLD after 10 years is 0.9409 is obtained. Finally, the theoretical analysis and the experimental data indicate that the methods of CSFT are more suitable for analyzing SLD with the degradation performance compared to the traditional fault tree.