Distributed optical fiber acoustic sensing (DAS) technique has been applied in pipeline health monitoring, and the commonly used sensor is phase-sensitive optical time domain reflectometry. Most DAS monitoring systems can localize leakages of a pipeline but fail to identify potential non-destructive damages like bolt looseness on joints before the leakage occurs. An early damage identification is indispensable to averting severe leakages and secondary disasters. In this study, an optical phase mode analysis method is proposed for identifying pipeline bolt looseness. This method combines structure mode analysis and distributed optical phase demodulation to extract damage-related phase mode parameters. Two algorithms are specially designed for denoising and selecting signals essential for mode analysis. Phase time histories are retrieved from the original optical phase, which are decomposed to acquire phase mode shapes that can localize bolt looseness through Hilbert-Huang transform enhanced with bandwidth restricted empirical mode decomposition. Phase damping ratio is proposed to further quantify the looseness degree. Polarization diversity technique is employed to avoid polarization fading. An experiment was conducted upon a 3.2 m steel pipeline with flange joints. Bolt looseness on three joints are respectively localized even if only one bolt is loosened, obtaining a localization error of 0.07 m and 85.7% recognition ratio. The phase damping ratio shows apparent positive correlation with the number of loose bolts. The error of quantified loose bolt number is 0.79. The present study demonstrates how to localize and quantify pipeline bolt looseness through dynamical mode analysis for distributed optical phase. The developed method can identify potential damages that change the mechanical properties of a pipeline before they get severe, and holds promise in the long-distance health monitoring of other structures.