The development of renewable energy and the increasing peak-valley difference of load demand lead to an increasing requirement of spinning reserve (SR). However, the traditional operation reliability analysis of power system mainly focuses on the up SR and neglects the down SR. Therefore, the operation reliability of power system considering the impacts of down SR is investigated in this paper. Firstly, the constraints of down SR are incorporated into the day-ahead unit commitment (UC) model to obtain the generation scheduling and reserve allocation of power systems. Based on the dispatch results of UC model, the re-dispatched energy and load interruption can be determined using optimal power flow (OPF) model in the real-time operation in various contingency states. Operation reliability indices are calculated based on the load curtailment to represent the reliability performances of power systems. The proposed approaches are validated using the modified IEEE reliability test system. Case studies demonstrate that down SR can improve the operation reliability of power systems.