Water inrush disaster is one of the major disasters affecting the production safety of coal mines following roof caving, fire, gas outburst, and dust explosion disasters. It is urgent to reveal the water inrush mechanism and take effective measures to prevent the disasters. More than 80% of water inrush accidents occur around geological structural zones such as faults and karst collapse columns (KCCs). The water inrush events from KCCs caused huge economic losses and heavy casualties, and the water inrush process often shows certain hysteresis characteristics. Taking the water inrush disaster from a KCC during roadway excavation in PanEr Coal Mine of Huainan Mining Area as the case study, the delayed inrush mechanism of KCC was analyzed from the aspects of floor failure, KCC activation, seepage transition, and water inrush development characteristics. The results show that the rock mechanical properties and the excavation depth are the main factors affecting the floor failure characteristics. The seepage transformation from pore flow to fracture flow and pipeline flow, with the change in internal composition structure, is the internal mechanism of the delayed water inrush from KCC. The research is of great significance for the prediction and prevention of water inrush disasters from KCCs.