As structure buckling problems easily arise when supercavitating projectiles operate with high underwater velocity, it is necessary to perform structure buckling reliability analysis. Now it is widely known that probabilistic and non-probabilistic uncertain information exists in engineering analysis. Based on reliability comprehensive index of multi-ellipsoid convex set, probabilistic uncertain information is added and transferred into non-probabilistic interval variable. The hybrid reliability is calculated by a combined method of modified limit step length iteration algorithm (MLSLIA) and Monte-Carlo method. The results of engineering examples show that the convergence of MLSLIA is better than that of limit step length iteration algorithm (LSLIA). Structure buckling hybrid reliability increases with the increase of ratio of base diameter to cavitator diameter, and decreases with the increase of initial launch velocity. Also the changes of uncertain degree of projectile velocity and cavitator drag coefficient affect structure buckling hybrid reliability index obviously. Therefore, uncertain degree of projectile velocity and cavitator drag coefficient should be controlled in project for high structure buckling reliability. © 2016, Shanghai Jiaotong University and Springer-Verlag Berlin Heidelberg.