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Steer-By-Wire (SBW) system directly transmits the driver's steering input to the wheels through electrical signals. However, the reliability of electronic equipment is significantly lower than that of mechanical structures, and the risk of failure increases, so it is important to conduct functional safety studies on SBW systems. This paper develops the functional safety of the SBW system according to the requirements of the international standard ISO26262, and first defines the relevant items and application scope of SBW system. Secondly, the Hazard and Operability (HAZOP) method was used to combine scenarios and possible dangerous events to carry out Hazard Analysis and Risk Assessment (HARA), and the Automotive Safety Integrity Level (ASIL) was obtained according to the three evaluation indicators of Exposure, Severity and Controlabillity, and then the corresponding safety objectives were established and Fault Tolerant Time Interval (FTTI) was set.