This paper classifies reliability assurance management strategies into four modes, i.e., reactive mode, preventive mode, predictive mode and proactive mode, advanced a decision method of equipment reliability assurance based on multilevel management. The risks of equipment failures are also categorized into four levels according to their degrees of severity and occurring rates. In order to improve pertinence and reduce cost of reliability assurance, it is proposed to adopt a multi-level management strategy in handling the risks. For this purpose, a model for relationship between risk levels and reliability assurance modes, a model for equipment reliability assurance cost and a model for equipment risk increments after reliability assurance have been established. The applied risk management mode for each concrete risk is determined by minimizing the total reliability assurance cost with risk increment serving as a constraint condition. The proposed approach has been demonstrated by using an example.