Failure of a system or a component of a system is and has been a major concern to systems' operators and owners. Failure could be traced back to different causes and may take different forms and shapes. It may result from software malfunction, hardware degraded performance, human error, sabotage, environmental as well as other external factors. There are various techniques found in the literature that can assist in the analysis of failure. These techniques comprise deterministic and probabilistic techniques. Deterministic techniques ignore the variability and uncertainties of the variables in the analysis which may lead to unsatisfactory and inaccurate results. While probabilistic techniques produce accurate and an allinclusive result because they incorporate the variabilities and uncertainties in the analysis. The focus of this chapter is to present commonly used probabilistic failure analysis techniques and their mathematical derivations. Examples to enhance the understanding of the concept of failure analysis are also presented.