Well-established reliability prediction methodology could lead to unbiased good reliability prediction results during the life cycle of product or system which are essential part of reliability management for the correct decision-making. The purpose of this paper is to examine and analysis methodologies and models of reliability prediction in order to provide an effective prediction methodology on reliability from initial design stages to the full production stages. Depending upon censoring of failure data, methodologies could be classified into statistical empirical prediction method through lifetime distribution function, physics of failure method based on physical models and hybrid method. This paper provide a concise summary of standards-based reliability prediction methods and suggest model-based reliability prediction models which are capable of applying the current technology with no applicable failure rate database