The subsea wellhead connector is a critical connection component between subsea Christmas tree and subsea wellhead for preventing the leakage of oil and gas in the subsea production system. Excited by cyclical loadings due to environmental forces and the other support forces, the subsea wellhead connector is prone to the failure, which could lead to the loss of subsea tree or wellhead integrity and even catastrophic accidents. With the Monte Carlo simulation method, this paper presents a reliability analysis approach based on dynamic Bayesian Networks, aiming to assess the failure probability of the subsea wellhead connector during service life. Take the driving ring component of the subsea wellhead connector as an example to demonstrate the reasonability of the proposed model. The generation data is processed by the transform between the numerical value and the state variable. Based on the stress-strength interference theory, the structure reliability of the driving ring with 96.26% is achieved by the proposed model with the consideration the aging of the material strength and the most influential factors are figured out. Meanwhile, the corresponding control measures are proposed effectively reduce the failure risk of the subsea wellhead connector during service life.