To improve the reliability of launch vehicle inertial navigation system,a kind of failure diagnosis and redundancy information reconstruction technology based on strapdown inertial measurement units with meters redundancy is introduced. The method can judge usual zero value or maximum value information of gyro and accelerometer and also diagnose failure by using redundancy and diagnosis management strategy. The failure can be targeted to the specific sensitive axis of meter. After SIMU with failures insulated,the redundancy information is reconstructed. The method not only achieves system redundancy and also uses information of gyro and accelerometer from different SIMU. It realizes SIMU normal output in condition of failure,and enhances the adaptability of launch vehicle for SIMUs failures.