In this paper, a single-loop approach for time-variant reliability evaluation is proposed based on a decoupling strategy and probability distribution reconstruction. The most attractive feature of the proposed method is that the reliability at a specified time instant can be captured by performing time-invariant reliability analysis only once. In this method, the expansion optimal linear estimation is first employed to discretize the loading stochastic process. Then, a decoupling strategy that decouples the loading stochastic process and degradation processes is developed to formulate a single-loop method for time-variant reliability analysis, where an equivalent extreme value limit state function (EEV-LSF) is obtained. To improve the accuracy and robustness, the Box–Cox transformation is applied to get a transformed EEV-LSF. The maximum entropy method with fractional exponential moments is employed to robustly derive the probability distribution of transformed EEV-LSF. Once the probability distribution is captured, the time-variant failure probability can be readily computed. To handle a large number of random variables, a weighted sampling method is applied for moment assessment to ensure an efficient solution. Numerical examples including a complex real-world case are studied to validate the proposed method, where pertinent Monte Carlo simulations and PHI2 method are conducted for comparisons.