Carbonate rock oilfields account for two-thirds of proven marine carbonate oilfield reserves, which are the primary way to increase future oil and gas energy reserves. Cave collapses occur during the process of oil reservoir development, seriously affecting oil production. In order to reveal the collapse failure mechanism of carbonate karst caves and predict whether the fracture cave type oil reservoir will collapse before drilling, a binary depth reduction method for determining the critical collapse depth of karst caves is proposed based on the Tahe fracture cave type oil reservoir. The sensitivity of karst cave collapses to multiple factors is analyzed, and a prediction formula for the critical collapse depth of karst caves with changes in the deformation modulus, the internal friction angle, and the cohesion is established through multiple regression analysis. By calculating and analyzing the numerical values of a large number of operating conditions under different mechanical parameters, the failure process, failure mode, and the change law of collapse depth during the Tahe oilfield destruction process were obtained. We used the established formula for predicting the collapse depth of karst caves to predict and analyze the actual distribution of karst caves in the Tahe oilfield. The calculation and analysis results showed that in the karst cave failure mode characterized by vertical shear failure, the cohesive force is the most sensitive factor affecting cave collapse, followed by the internal friction angle. The deformation modulus is hardly sensitive to the influence of the karst collapse. Through the geomechanical model test, the result verified the accuracy and reliability of the calculation results. The research results will provide necessary theoretical support for the large-scale safe extraction of deep petroleum resources, increase oil production in China, and have important theoretical significance and engineering application value.