The track circuit reader (TCR) is an important part of train control systems. This paper reports a failure of the TCR antenna baffle, which is used to prevent the TCR antenna from being struck by foreign objects. The designed service life of the baffle is 4.8 million kilometers, but serious cracking was found during routine maintenance after only 0.67 million kilometers of operation. In order to avoid the hidden danger brought by the incident to the safe operation of the train, it is necessary to conduct a complete failure analysis of the failed TCR antenna baffle. Therefore, a comprehensive investigation of the base material, cleaning agents, crack morphologies, etc., was carried out, and the failure environment of the antenna baffle was verified by experiment. The final results show that the environmental stress cracking is the root cause of the failed antenna baffle, and the multiple bubbles produced by the formed process of the antenna baffle are another important cause. According to the conclusions, the solutions to prevent the reoccurrence of such failures are proposed. After these solutions are adopted, the number of failed antenna baffles is greatly reduced, which fully proves the correctness of this analysis.