We propose a software reliability growth model with testing-effort based on a continuous-state space stochastic process, such as a lognormal process, and conduct its goodness-of-fit evaluation. We also discuss a parameter estimation method of our model. Then, we derive several software reliability assessment measures by the probability distribution of its solution process, and compare our model with existing continuous-state space software reliability growth models in terms of the mean square error and the Akaike’s information criterion by using actual fault count data.