Nano-reliability measures the ability of a nano-scaled product to perform its intended functionality. At the nano scale, the physical, chemical, and biological properties of materials differ in fundamental, valuable ways from the properties of individual atoms, molecules, or bulk matter. Conventional reliability theories need to be restudied to be applied to nano-engineering. Research on nano-reliability is extremely important due to the fact that nano-structure components account for a high proportion of costs, and serve critical roles in newly designed products. This review introduces the concepts of reliability to nano-technology; and presents the current work on identifying various physical failure mechanisms of nano-structured materials, and devices during fabrication process, and operation. Modeling techniques of degradation, reliability functions, and failure rates of nano-systems are also reviewed in this work.