In this paper, the stress rupture reliability of Carbon/Epoxy Composite Overwrapped Pressure Vessels (COPVs) is examined utilizing the classic Phoenix model and accounting for the differences between the design and the actual burst pressure, and the liner contribution effects. Stress rupture life primarily depends upon the fiber stress ratio which is defined as the ratio of stress in fibers at the maximum expected operating pressure to actual delivered fiber strength. The actual delivered fiber strength is calculated using the actual burst pressures of vessels established through burst tests. However, during the design phase the actual burst pressure is generally not known and to estimate the reliability of the vessels calculations are usually performed based upon the design burst pressure only. Since the design burst is lower than the actual burst, this process yields a much higher value for the stress ratio and consequently a conservative estimate for the reliability. Other complications arise due to the fact that the actual burst pressure and the liner contributions have inherent variability and therefore must be treated as random variables in order to compute the stress rupture reliability. Furthermore, the model parameters, which have to be established based on stress rupture tests of subscale vessels or coupons, have significant variability as well due to limited available data and hence must be properly accounted for. In this work an assessment of reliability of COPVs including both parameter uncertainties and physical variability inherent in liner and overwrap material behavior is made and estimates are provided in terms of degree of uncertainty in the actual burst pressure and the liner load sharing.