Dynamic fault tree analysis is an important reliability analysis technique for complex systems. However, there are serious state space explosion problems in traditional modular methods such as binary decision diagrams. This paper systematically introduces a dynamic fault tree analysis method of edge-value decision diagram, in which the Edge-Value Multiple-valued Decision Diagram(EVMDD) has a more compact representation function than other existing decision diagrams. By reducing the number of states, the computation time is shortened and the state space explosion problem can be effectively alleviated. The example demonstrates the method and advantage of EVMDD for multi-state systems and multi-functional systems.