This paper presents a failure prediction model using iterative feature selection, which aims to accurately predict the failure occurrences in industrial Internet of Things (IIoT) environments. In general, vast amounts of data are collected from various sensors in an IIoT environment, and they are analyzed to prevent failures by predicting their occurrence. However, the collected data may include data irrelevant to failures and thereby decrease the prediction accuracy. To address this problem, we propose a failure prediction model using iterative feature selection. To build the model, the relevancy between each feature (i.e., each sensor) and the failure was analyzed using the random forest algorithm, to obtain the importance of the features. Then, feature selection and model building were conducted iteratively. In each iteration, a new feature was selected considering the importance and added to the selected feature set. The failure prediction model was built for each iteration via the support vector machine (SVM). Finally, the failure prediction model having the highest prediction accuracy was selected. The experimental implementation was conducted using open-source R. The results showed that the proposed failure prediction model achieved high prediction accuracy.