Reliable strength assessment of the Liquefied Natural Gas (LNG) cargo containment system under the sloshing impact load is very difficult task due to the complexity of the physics involved in, both in terms of the hydrodynamics and structural mechanics. Out of all those complexities, the proper selection of the design sloshing load which is applied to the structural model of the LNG cargo containment system, is one of the most challenging one due to its inherent randomness as well as the statistical analysis which is tightly linked to the design sloshing load selection. In this study, the response based strength assessment procedure of LNG cargo containment system has been developed and proposed as an alternative design methodology. Sloshing pressure time history, measured from the model test, is decomposed into wavelet basis function targeting the minimization of the number of the basis function together with the maximization of the numerical efficiency. Then the response of the structure is obtained using the finite element method under each wavelet basis function of different scale. Finally, the response of the structure under entire sloshing impact time history is rapidly calculated by synthesizing the structural response under wavelet basis function. Through this analysis, more realistic response of the system under sloshing impact pressure can be obtained without missing the details of pressure time history such as rising pattern, oscillation due to air entrapment and decay pattern and so on. The strength assessment of the cargo containment system is then performed based on the statistical analysis of the stress peaks selected out of the obtained stress time history.