The present chapter presents the basic concepts associated with Risk-Based Inspection and Maintenance (RBIM) philosophy and their application in maintenance planning aiming at controlling power plant equipment degradation. The basic steps of the method are described, such as inspection sampling, inspection planning and maintenance activity selection based on degradation mechanism evolution, risk assessment and optimization of maintenance plan. The method is customized for power plant analysis considering the constraints associated with that application. Two case studies are presented: the first one is related to a pipeline analysis and the second one is a complete analysis of a power-generating unit.