We present a continuous-time Bayesian network (CTBN) framework for dynamic systems reliability modeling and analysis. Dynamic systems exhibit complex behaviors and interactions between their components; where not only the combination of failure events matters, but so does the sequence ordering of the failures. Similar to dynamic fault trees, the CTBN framework defines a set of 'basic' BN constructs that capture well-defined system components' behaviors and interactions. Combining, in a structured way, the various 'basic' Bayesian network constructs enables the user to construct, in a modular and hierarchical fashion, the system model. Within the CTBN framework, one can perform various analyses, including reliability, sensitivity, and uncertainty analyses. All the analyses allow the user to obtain closed-form solutions.