Abstract: Compared with the conventional thermal power generator units, the renewable energy power generator is small in unit capacity and has little impact on the reliability of a renewable energy power station when a single turbine ceases to operate. It is therefore imperative to pay more attention to the power generation performance of the renewable energy generation equipment in addition to the reliability. A novel condition assessment method is developed in this paper for renewable energy power generation equipment based on the indicators of reliability and power generation performance. And the calculation methodology for the key power generation performance indicators and the requirements for data source standardization are proposed. The proposed condition assessment method has been applied in a national demonstration project of wind power, PV power, energy storage and power transmission to evaluate the condition of generation equipment. Through analyzing the assessment results, the recommended threshold of power generation performance indicators are presented. This method can provide a new technical approach to evaluate the condition of the renewable energy generation equipment.