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In order to strengthen research on the identification and classification of the failure factors at the level of government safety regulation, comprehensively and systematically understand the failure of China's hazardous chemical safety regulation system, strengthen the prevention of hazardous chemical accidents, and construct China's hazardous chemical safety regulation system according to the principle of “Safety II”, the three subsystems of the regulation subject, regulatory object, and third‐party institution and their seven functional blocks are determined. Second, taking 26 dangerous chemical accidents as analysis materials, the failure mode and effect analysis method (FMEA) is used to analyze China's dangerous chemical safety regulation system. Nineteen failure modes of China's dangerous chemical safety regulation system are identified and the distribution of failure modes is analyzed and discussed. The results show that personnel failure is the main factor in the failure of the safety regulation system. Good institutional tools help to improve law enforcement work. The coordination between the regulatory agencies has an essential impact on the role of the regulatory body. It is necessary to strengthen the regulation of third‐party institutions.