As an important part of beyond the fifth-generation (B5G) and the sixth-generation (6G) mobile communication systems, ultra-reliable and low latency communications (uRLLC) puts forward strict requirements for delay and reliability (e.g., 99.9999% reliability and 500 μs latency). At present, the evaluation measures of delay and reliability are usually based on infinite block length and rely on long-term statistics, which cannot meet the requirement of low latency. The cell-free system, with a very large number of distributed antennas, has the characteristics of macro-diversity and spatial sparsity, which can further enhance the performance of uRLLC. In this paper, the downlink multidevice cell-free system with hard deadlines is considered and analyzed in the finite block length (FBL) regime. The communication’s delay and reliability are described based on two instantaneous evaluation measures: transmission error (TE) and time overflow (TO) probability. From the perspective of information theory, this paper analyzes the analytic expression of TE probability for a single device and the performance impact of FBL on the traditional channel capacity analysis. Considering the multidevice TO probability in a cell-free system, the closed-form expressions of upper and lower bounds are derived and compared with the gamma approximation results. This paper further provides three methods, namely, transmission rate selection, device grouping and space division multiplexing, to balance the delay and reliability of the system and analyzes the performance.