This study predicts that there may exist different reasons of failure for firms with different ages. Using 238 listed firms in financial crisis, this study examines how the environmental and organizational characteristics affect the age-dependent failure. The results find that high population density, excessive investment in fixed assets and high R&D commitment are the main causes of failure for young organizations. In addition, the results also indicate a positive relationship between the number of employees, the environmental munificence and the organization life. Final, this study also found that past performance of firms negatively affect their organizational life.