Reliability has been considered as a one of the major design measures in various industrial and military systems. The main objective is to suggest a mathematical programming model and a hybrid parallel genetic algorithm(HPGA) for the problem that determines the optimal component reliability to maximize the system reliability under cost constraint in this study. Reliability optimization problem has been known as a NP-hard problem and normally formulated as a mixed binary integer programming model. Component structure, reliability, and cost were computed by using HPGA and compared with the results of existing meta-heuristic such as Ant Colony Optimization(ACO), Simulated Annealing(SA), Tabu Search(TS) and Reoptimization Procedure. The global optimal solutions of each problem are obtained by using CPLEX 11.1. The results of suggested algorithm give the same or better solutions than existing algorithms, because the suggested algorithm could paratactically evolved by operating several sub-populations and improving solution through swap and 2-opt processes.