Current FMEA methods face problems such as lack of formalization of failure mode and mechanism analysis process, ambiguous results of failure propagation and impact analysis, and weak support for product development in the entire analysis process. This paper proposes a method of a functional model-driven FMEA. The structure and function are modeled using the method of structural tree. The failure mode and mechanism are analyzed through stress, and the failure impact set is determined by the directed graph algorithm. Based on the above theories, a set of FMEA computer-aided analysis system was developed. The system starts from the source of the failure and has a good formalization process, which effectively avoids the duplication and omission of failure analysis results.