In this paper a two component redundant renewable system operating under the Marshall-Olkin failure model is considered. The purpose of the study is to find analytical expressions for the time dependent and the steady state characteristics of the system. The system cycle process characteristics are analyzed by the use of probability interpretation of the Laplace-Stieltjes transformations (LSTs), and of probability generating functions (PGFs). In this way the long mathematical analytic derivations are avoid. As results of the investigations, the main reliability characteristics of the system-the reliability function and the steady state probabilities-have been found in analytical form. Our approach can be used in the studies of various applications of systems with dependent failures between their elements. © 2020 by the authors.