The invention belongs to the field of relaying protection device reliability assessment and relates to an ultrahigh-voltage circuit relaying protection system reliability assessment method with covert faults taken into consideration. An ultrahigh-voltage circuit relaying protection system is provided with two sets of main protection devices and a set of backup protection devices. According to the reliability assessment method, at first, every single protection system is assessed, and then the whole protection system is assessed. According to assessment of the single protection system, the state space of a single protection device is determined, the states comprise the normal operation state, the off-line state of a protected element, the off-line state of a protecting element, the operation state with the covert maloperation fault hidden danger, the operation state with the covert rejection hidden danger, the protected element and protecting element off-line operation state with the covert maloperation hidden danger, and the simultaneous off-line state of the protected element and the protecting element, a state space model is set up, a markov transition matrix corresponding to the model is determined, and the probability value of each state is obtained. By means of the method, the relaying protection device can be assessed more accurately and reliably in real time.