Tunnelling is a vital geotechnical engineering feature of underground transportation systems that is potentially hazardous if not properly investigated, studied, planned, and executed. A reliability, availability, and maintainability (RAM) analysis is one of the main practical techniques in machinery-based projects to recognize the failure and repair rates of machines during or after their operations. RAM analysis of mechanized tunneling can help to manage the project safety and cost, and improve the availability and performance of the machine. There are several methods to obtain and predict the RAM of a system, including the Markov chain simulation and other statistical methods; however, the result of the analysis can be affected by the selected method. This paper presents the results of a critical investigation on the RAM of the Earth pressure balance machines (EPBMs) used in developing an urban metro project in Isfahan, Iran. The five kilometer length of the first line of the Isfahan metro project was excavated using EPBMs over four years. After overhauling the EPBMs and making some minor changes, excavation of the second line started, and to date, about 1.2 km has been excavated by the refurbished machines. In the present study, a RAM analysis has been applied to electrical, mechanical, and cutter head subsystems of the EPBMs in Lines 1 and 2 of the Isfahan metro project over an 18- and 7-month period of machine operation, respectively. The results show that the estimated availability, A(t), determined by the Markov method, is closer to reality but cannot be propagated to reliability R(t) and maintainability M(t) analysis. It was also revealed that by predicting the required maintenance and proper planning, the overall availability of the EPBM was improved from 45% in Line 1 to 61% in Line 2. The outcomes of this study can be used in the future planning of urban tunneling projects to estimate machine, staff, and logistic performance with the least possible error, and appropriately arrange the factors involved in the system.