This paper examines the application of structural reliability analysis to submarine pressure hulls to clarify the merits of probabilistic approach in respect thereof. Ultimate strength prediction methods which take the inelastic behavior of ring-stiffened cylindrical shells and hemi-spherical shells into account are reviewed. The modeling uncertainties in terms of bias and coefficient of variation for failure prediction methods in current design guidelines are defined by evaluating the compiled experimental data. A simple ultimate strength formulation for ring-stiffened cylinders taking into account the interaction between local and global failure modes and an ultimate strength formula for hemispherical shells which have better accuracy and reliability than current design codes are taken as basis for reliability analysis. The effects of randomness of geometrical and material properties on failure are assessed by a prelimnary study on reference models. By evaluation of sensitivity factors important variables are determined and comparesons are made with conclusions of previous reliability studies.