Tons of catastrophic experiences of adverse weather events reveal that evaluating the reliability of ultra-high voltage direct current (UHVDC) converter valve system becomes increasingly important. The conventional strategy, however, aims to analyze the reliability of UHVDC converter valve by its operation status instead of taking weather influences into account. This paper first proposes the reliability model of UHVDC converter valve in normal weather based on Markov approach. Then, the three weather state model incorporating normal, adverse and major adverse weather is established to consider the impacts of different weather conditions. Furthermore, by using the established model an in-depth analysis to discuss factors affecting the reliability of UHVDC converter valve was carried out, which can be used as a guideline to enhance the reliability of UHVDC converter valve in the future. Finally, this proposed approach is validated to be feasible for practical UHVDC system using MATLAB.