With the increasing utilization of electric vehicles (EVs), transportation systems and electrical power systems are becoming increasingly coupled. However, the interaction between these two kinds of systems are not well captured, especially from the perspective of transportation systems. This paper studies the reliability of integrated transportation and electrical power system (ITES). A bidirectional EV charging control strategy is first demonstrated to model the interaction between the two systems. Thereafter, a simplified transportation system model is developed, whose high efficiency makes the reliability assessment of the ITES realizable with an acceptable accuracy. Novel transportation system reliability indices are then defined from the view point of EV’s driver. Based on the charging control model and the transportation simulation method, a daily periodic quasi sequential reliability assessment method is proposed for the ITES system. Case studies based on RBTS system demonstrate that bidirectional charging controls of EVs will benefit the reliability of power systems, while decrease the reliability of EVs travelling. Also, the optimal control strategy can be obtained based on the proposed method. Finally, case studies are performed based on a large scale test system to verify the practicability of the proposed method.