The safety of the high formwork supporting system not only plays a vital role in the successful engineering construction, but also makes a great difference to people’s lives and property. To effectively control the safety of the high formwork supporting system and prevent the collapse accident, we carried out gray correlation fault tree analysis to recognize all kinds of collapse modes, analyzed the main reasons leading to the collapse, and then pointed out the weak links based on the gray correlation analysis theory. The result shows that the gray correlation analysis can make detailed description to factors and a logical relationship that leading to the collapse and provide a theoretical basis for the prevention of the high formwork collapse accident.