With the continuous development of urbanization, the urban population is increasing, and countries are paying increasing attention to the urban water supply safety. Water supply pipelines are indispensable infrastructure for urban water supply network, and failures can have serious consequences, including water supply interruption, infrastructure damage, and potential risks to public health and safety. However, there are currently issues with unclear types and influencing factors of water supply pipeline failures, which is not conducive to the management and maintenance of water supply pipelines and poses a major obstacle to maintaining urban water supply safety. To address this problem, this study employs three text analysis methods—K-means clustering, sentiment analysis, and co-occurrence network analysis—to analyze 908 reports of water supply pipeline failures in 31 provinces and cities in China in 2022. The goal is to infer the types and influencing factors of water supply pipeline failures. The results indicate that: (1) K-means clustering effectively categorizes water supply pipeline failures into five types: pipe burst, leakage, equipment and facility damage, road collapse, and construction damage, among which pipe burst and leakage are the main types of failures. (2) Through sentiment analysis and co-occurrence network analysis, factors influencing water supply pipeline failures include pipeline aging, pipeline corrosion, water pressure changes, temperature changes, rainstorm erosion, uneven settlement, and human factors. Human factors, pipeline aging, and water pressure changes are the three main reasons for water supply pipeline failures. (3) Co-occurrence network analysis further demonstrates the correlation between some influencing factors of water supply pipeline failures, such as the mutual promotion of pipeline corrosion and aging, and rainstorm erosion leading to uneven ground settlement. The research results can provide a basis for the determination of preventive measures and improvement methods for water supply pipeline failures and contribute to the development of urban water supply security efforts.