Reinforcement learning has become a central paradigm for improving the reasoning capabilities of large language models. Existing methods generally aim to reduce the failure probabilities induced across problems. In this paper, we introduce a moment-based perspective on policy optimization for LLM reasoning by treating the failure probability of a randomly sampled problem as a random variable and characterizing optimization objectives through its moments. Under this perspective, many existing methods optimize only a single moment of the failure-probability distribution, leaving its broader distributional structure largely uncharacterized. We propose \textbf{M}ulti-\textbf{M}oment \textbf{P}olicy \textbf{O}ptimization (MMPO), a novel policy optimization framework that jointly minimizes multiple moments of the failure-probability distribution. MMPO admits a direct operational interpretation as minimizing the expected truncated time required to obtain the first successful response. Beyond MMPO, we further develop a general moment-transformation framework that systematically induces different moment profiles and provides a unified view of a broader family of policy optimization objectives. Experiments across five mathematical reasoning benchmarks and models of different scales demonstrate that MMPO consistently outperforms strong baselines. We hope this moment-based perspective offers new insights into the design of policy optimization objectives for LLM reasoning.

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