Abstract: To address the problems of diverse component types and complex reliability evaluation in AC-DC hybrid distribution networks, this paper proposes a system reliability evaluation method based on the minimal path method. First, a reliability evaluation process suitable for AC-DC hybrid topologies is established. Second, based on the PCRP prediction method, reliability models for key components such as converters, DC transformers, and DC circuit breakers are constructed, and their failure rate parameters are given. Finally, a case study of a flexible AC-DC distribution network is conducted for reliability evaluation, and the impacts of DC circuit breakers and converters on system reliability indicators are quantitatively analyzed. The results show that the proposed method can effectively evaluate the reliability level of AC-DC hybrid distribution networks and provide a reference for system planning and operation.