The functionality of elevated water tanks is pivotal to assure after an earthquake as water supply is expected to be uninterrupted. Although elevated water tanks with deformed bars are widely studied, limited works exist for water tanks with smooth bars, although such tanks comprise a considerable fraction, even in the high seismic regions. To quantify the seismic vulnerability of aging elevated water tanks with smooth bars, we created analytical fragility functions for full, half, and empty reservoir conditions, considering fluid–structure and soil–structure interactions. The sum of findings reflects that soil flexibility and the amount of water present in the tank have a significant effect on overall seismic fragility, especially at higher damage states. The tanks are found to be most vulnerable when they are fully filled with water. The effect of soil flexibility is more pronounced at higher damage states. The difference between the fragility of flexible base and fixed base structures is found to increase with increasing ground motion intensity and it is the highest for the empty tank condition.