With the technological advancements of accelerated degradation testing, accelerated degradation data are increasingly complicate, which requires the improvement of the theory and method of reliability evaluation. The reliability evaluation technologies based on accelerated degradation data are reviewed by dividing them into reliability modeling and statistical inference. The key issues on performance degradation modeling, accelerated degradation modeling, and identifying the consistency of failure mechanism are stated, and the novel reliability evaluation method for accelerated degradation data based on the acceleration factor consistent principle is refined. The future research is prospected. The study has a guiding significance on perfecting the theoretical system of reliability modeling and statistical inference based on accelerated degradation data and improving the accuracy of reliability evaluation.