This article presents an efficient method for analyzing the dynamic reliability of maglev vehicle-bridge coupled systems by combining a theoretical model with an adaptive surrogate model and the probability density evolution method (PDEM). First, a refined theoretical model of a maglev vehicle-bridge coupling system is established. Next, an adaptive surrogate model of the equivalent extreme value of the system dynamic response is established by combining an adaptive sampling method with radial basis functions. Finally, the adaptive surrogate model and PDEM are combined to further improve the efficiency of the dynamic reliability analysis. In the numerical example, the theoretical model of the maglev vehicle-guideway system was first validated by comparing with the measured data from the Shanghai high-speed maglev line. Then, by treating the controller parameters as normally distributed random variables, the accuracy and efficiency of the proposed reliability method were verified through comparison with the Monte Carlo method and the one-stage sampling surrogate model. Additionally, the impact of the randomness of each controller parameter and the coefficient of variation of the controller parameters on the system’s dynamic reliability was discussed.