Underground fluid injection induces changes in in situ stress condition of the target formation and local faults that can potentially lead to fault reactivation, which may result in the leakage of injected and/or native fluids into neighboring formations. In this paper, we introduce an analytical method to detect fault reactivation caused by fluid injection into deep faulted aquifers considering across‐fault leakage. The fundamental assumption made in our model is that fault permeability will be altered upon fault slip. Therefore, we model fault reactivation as a sudden change in fault permeability at the onset of fault slip. The fault is modeled as a linear interface between two permeable formations with equal rock and fluid properties. The governing equations are coupled through the fault interface and are solved using the Laplace‐Fourier integral transform technique. Based on the analytical solution, we find the characteristic bottomhole pressure and pressure derivative responses that enable detecting fault reactivation using diagnostic plots. We observe that pressure derivative undergoes a rapid change at the onset of fault slip followed by a late‐time trend to attain a new equilibrium governed by the altered fault permeability. Furthermore, we discuss the evolution of the across‐fault leakage rate upon and after fault slippage. Results from this study are presented in the form diagnostic plots and type curves that may be used for reservoir and fault characterization purposes.