The real-time reliability prediction problem of the mine logistics transportation system by applying multi-performance parameter degeneration method was studied. According to monitoring data, by analyzing performance degradation cases and correlation among some performance parameters of the studied system, this paper establishes a new reliability model about time-varying performance degeneration, analyzed in detail this model by the practical example, and gets some practical conclusions. Presented detailed methods and steps can offer the reference for real-time reliability prediction researches of the mine logistics transportation system.