This paper presents a method of the reliability analysis for a tension leg platform(TLP)in severe storm waves by using the first passage concept of the random tensile stress in the tendons. In the present method, two failure conditions are considered ;i.e., the exceedance of the ultimate tensile capacity and the occurrence of the negative tension. In order to consider the correlation effects between the failure events for each corner resulted from the rupture of all tencons at one corner, a new system limit state for a rectangular shaped TLP is developed, which is defined in terms of the TLP motions in the vertical plane ;i.e., heave, roll, and pitch. To illustrate the validity of the present method, the numerical analysis is carried out for two TLPs with different structural dimensions. Then, the results are compared with those by other methods.