Earthquakes can cause significant damages to industrial liquid storage tanks resulting in losses of functionality, fires or environmental contamination due to the leakage of hazardous chemicals. Typical damages of ground supported tanks during past earthquakes were in the form of cracking at the corner of the bottom plate and compression buckling of tank wall due to uplift, sliding of the base, anchorage failure, sloshing damage around the roof, failure of piping systems and plastic deformation of base plate. Liquid tanks can be also located at some elevated positions due to operational purposes. This makes them susceptible to collapse due to increased base shears and overturning moments. The seismic response of elevated tanks has been widely investigated in the past considering different materials and configurations of support structures. This paper addresses the problem of elevated tanks with particular attention focused on the steel storage tanks resting on short RC columns. The vulnerability of a real example of elevated tanks is assessed though the probabilistic analysis performed using non-linear lumped mass models. Consequently different fragility curves are built for identifying the most important damage states and calculating the corresponding probability of occurrence. The results show how the support structure, especially when composed by RC columns, is the most influencing one, whereas the remaining damage states have a limited influence.