In the context of peaking carbon dioxide emission and carbon neutralization, the renewable energy power generation technology led by wind power and photovoltaic has been vigorously developed. However, the new energy power generation has the characteristics of intermittency and volatility, large-scale renewable energy access to the grid will inevitably cause significant impact on the power system. Therefore, it is necessary to study the reliability of the power system with high penetration rate of renewable energy. Firstly, this paper summarizes the characteristics of the novel power system with high penetration rate of renewable energy. Secondly, the method and process of traditional power system reliability assessment are expounded in a hierarchical manner. Thirdly, the novel power system reliability model including wind power and photovoltaic is analyzed, and the reliability evaluation methods of novel power system with high permeability rate of renewable energy are studied. It also reviews the current progress of reliability assessment research of novel power system. Finally, the future research trends of the reliability assessment of novel power system are presented.