Mobile cranes, as an integral component in lifting operations, are widely used in the construction industry all over the world. Unfortunately, mobile cranes are also associated with a large proportion of construction fatalities. Despite the complexity and dynamic nature of crane operations, a clear understanding of crane failure modes and their contributing factors is critical to mitigating crane-related hazards. Failure mode analysis has the potential to detect and eliminate risks proactively and thus prevent accidents from happening. This paper explores the deployment of two classic analytical approaches, failure mode and effect analysis (FMEA) and fault tree analysis (FTA) in the context of mobile crane failure analysis. Based on the results of a case study, a comparative analysis was conducted to reveal the merits and limitations of each analytic tool. It was found that using analytical tools in mobile crane failure mode analysis provides better understanding of the impact of uncertainties on crane life and failure probabilities. Leveraging failure analysis tools helps crane manufacturers, owners, and operators to make risk-informed decisions in the design, maintenance, and operation of mobile cranes.