The purpose of the this paper is to make decision of the maintenance priority of power distribution system using Time-Varying Failure Rate(TVFR) with interruption cost. This paper emphasizes the practical use of the reliability indices and interruption cost. To make a decision of maintenance priority on power distribution system equipment, the quantification of the reliability level should be represented as a cost. In this paper, the TVFR of power distribution system equipment applied in this paper utilizes analytic method to use the historical data of KEPCO. From this result, the sensitivity analysis on TVFR of equipment was done for the priority, which represents that high priority of the equipment has more effect on system reliability, such as SAIDI or SAIFI, than other equipment. By this priority, the investment plan is established. In this result, customer interruption cost(CIC) could be extracted, and CIC is used as weighting factor to consider a importance of customer. After that, the result calculated the proposal method in this paper is compared with other priority method, such as lifetime, failure rate or only sensitivity.