In order to effectively realize the dynamic time-varying reliability analysis of the radial deformation of the aero-engine low pressure compressor, based on Kriging model combined with particle swarm optimization (PSO) and extreme value idea, a particle swarm optimization extremum Kriging model (PSOEKM) method was proposed. Firstly, the analysis principle of PSOEKM method is expounded. Secondly, the modeling idea of PSOEKM method is discussed. Then, the implementation approach of time-varying reliability analysis based on PSOEKM is explored. Finally, taking the aero-engine low pressure compressor blisk as an example, the dynamic reliability analysis is carried out by using PSOEKM. The analysis results show that the reliability is 99.76% when the allowable value of radial deformation of the compressor blisk is 1.594×10-3 m. Compared with the traditional Kriging model and the extreme response surface model, the PSOEKM method has high analysis accuracy and calculation efficiency. The method presented in this paper provides a new research idea for time-varying reliability analysis of complex structures.