The reliability of an RMT can be regarded as an important indicator customers can use to recognize its quality; however, it is difficult to implement a full-state reliability analysis of an RMT due to its complicated structural functions. Therefore, a full-state reliability analysis model is proposed herein based on meta action (MA) and a Markov chain for remanufactured exercise machine tools (REMTs). First, an analysis was carried out on individual levels by integrating the MAU decomposition method, and an MAU fault tree model was established layer by layer for the REMT. Second, full-state modeling was performed in view of the MAU characteristics of the REMT, whose operation processes are divided into MAU normal and failure states. A Markov decision-making process was introduced to integrate MAU states and establish our model, which was solved by means of an analytical method for the evaluation of reliability. Finally, an example of a remanufactured machine tool spindle is given to verify the effectiveness of the method.