Prediction and health management system is a necessary system for current aviation equipment, with complex functional composition and numerous algorithm models, which has a huge impact on flight test assessment. Based on the functions of prediction and health management system, this article divides it into four parts: state monitoring function, fault diagnosis function, fault prediction function, and other functions. Then, according to each function, it is further divided into corresponding sub-functions and performance assessment items. In addition, for performance indicators such as prediction accuracy, starting from the failure results, by accumulating sufficient sample size, it can be determined whether the system design meets the requirements, which is of guiding significance for the subsequent development of flight test of prediction and health management system.