A robust method for determining the component safety factor and structural safety factor of steel truss bridge is developed based on elastic modulus reduction method (EMRM). A procedure of two-level safety analysis and structural optimization is presented by means of the linear FEA iteration and the generalized yield criterion to take multiple internal forces into consideration. The strategy of elastic modulus adjustment is derived according to the principle of conversation of energy. The element bearing ratio (EBR) in every step can be obtained, and the first and last EBRs are employed to determine component safety factor and the structural safety factor for two-level structural safety evaluation of steel truss bridge. Those components with higher or lower EBR than the referenced EBR can be identified. By taking the quantitative relationship of the two level safety factors, a structural optimization scheme with better distribution of the EBR and saving material consumption can be achieved by adjusting the sectional strength of components with higher and lower EBR. Numerical examples show that the proposed method is promising with satisfying accuracy. The analysis of structural safety and optimization can be implemented by using the linear iteration while complicated nonlinear analysis in classical scheme is avoided.