SummaryThe reliability of power converters is crucial for achieving high‐performance operation in switched reluctance motor (SRM) systems. However, there is a notable deficiency in reliability‐oriented design of power converters that can effectively integrate both static and dynamic reliability indicators. To address this issue, this paper proposes a reliability design methodology for power converters based on the Lambert importance model, aimed at enhancing reliability of SRM systems. Firstly, the modeling principles of Lambert importance model are presented. Subsequently, a reliability design method is proposed to maximize reliability within a unit economic cost framework. Especially, the proposed design scheme is designed to maximize reliability enhancement potential through a two‐pronged approach: strategic topology selection informed by potential reliability assessments and component selection guided by importance calculations. Meanwhile, dynamic reliability evaluation is carried out to form a double‐loop reliability feedback and increase the credibility of design scheme. Finally, an example is developed to verify the validity of proposed reliability design scheme.