To improve the reliability of a weapon system, we perform the activities: setting the target reliability, reliability allocation, and reliability management, etc. Before starting weapon system development, the target reliability of system is set through advanced research and is allocated to its subsystems at the beginning of development. Then we manage the reliability of system and subsystems to meet the target reliability until completion of system development. In this paper, we research representative reliability allocation methods and introduce the suitable reliability allocation method followed by its application to the underwater guided weapon system. The purpose of this research is to review the proposed reliability allocation techniques and find an appropriate method for underwater weapon systems followed by the validation of its application.