An advanced model for assessing life cycle cost of the facility containing several subdivisions has been proposed with systems engineering approach. This model evaluates the maintenance cost in the sphere of the safety as well as in that of its functionality. The proposed approach has been shown to be more reasonable and practical than existing models. The serviceability and reasonability have been proved through evaluating life cycle cost of the reservoir which is a representative agricultural facility. In addition, the proposed method is helpful to make a maintenance strategy using the survival probability in the point of safety and functionality.