The tubing used in a gas well rarely collapses and fails during applying annulus pressure. In this study, the failure causes of tubing collapse were analyzed by means of data verification, macroscopic observation, magnetic particle inspection, physical and chemical inspection, optical microscopy, and tubing collapse test. Mechanical analysis of the string and full-scale physical simulation test simulating downhole working conditions. Finally, the verification analysis of the collapse test is carried out by the finite element analysis (FEA). The results showed that (1) the physical dimension, physical and chemical properties, and collapse resistance of this batch of tubing met the requirements of the tubing ordering technical standard. (2) Assuming that the well packer slip was unsealed and could slide freely, the mechanical theoretical analysis of collapsed tubing string and collapse test under simulated working condition load was carried out, which reproduced the load when the tubing collapsed. It can be seen from this that the packer did fail. (3) The FEA calculation results showed that when the external pressure was greater than 30.75 MPa, it would inevitably lead to collapse failure in case of packer unsealed. In conclusion, the root cause for the collapse failure of the 105th underground tubing string was that the packer lost its sealing function, resulting in an abnormal axial load. While under the action of external pressure, the tubing was overloaded and collapsed. It is recommended to carry out verification tests on the material performance of packer slip, the dimensional changes of packer tool outer diameter and inner diameter under actual well conditions, the creep behavior of packer seal, and the performance of shear pin under actual working conditions, especially in the well containing H2S, so as to prevent the pressure leakage of gas well annulus caused by packer unsealing and the reoccurrence of such downhole string collapse accidents. The first collapse test under simulated working condition load is conducted in this paper. Analyzing the collapse failure work and putting forward suggestions to effectively prevent similar failures from happening again are of great significance to the oilfield.