As a key component of the natural gas pipeline network, the centrifugal compressor plays a significant role in the pipeline network. However, due to its complex structure and diverse failure forms, the equipment's shutdown failure is affected by the failure of a single component and other sources of interference. The failure correlation and dynamic nature of centrifugal compressor systems increase the complexity of reliability research. According to the fault record of a pipeline centrifugal compressor system, this study analyzes the basic factors that may lead to the failure of the centrifugal compressor system. Fault tree analysis models of centrifugal compressors with electric and combustion drives were constructed by describing the logical relationship between the factors through the fault tree analysis method. The compressor system's inherent and potential weak links were identified through importance analysis, providing a basis for formulating corresponding preventive measures.