The vibration triggered by airflow disturbance is the main reason of compressor blade fatigue failure. Therefore, in this paper, a time domain calculation model of fluid-structure interaction is established to study on the vibration characteristics and to carry out failure analysis of the compressor blade. On the basis of modal test, the vibration analysis model of blade is established and verified by a finite element method. Considering the coupling effect of the gas and the blade, computational fluent dynamics is employed to compute the aerodynamic load on the blade surface under some rated conditions, which is imported to blade vibration analysis model to carry out vibration response analysis. Finally, the blade dangerous working conditions are determined through Campbell diagram, and the blade dynamic stress distribution of these working speeds is to carrying out the blade fatigue failure analysis. The result shows that the peak vibration stress distribution is closely related to the modal shape of the blade. The first order resonance of the blade at the critical speed is the main cause of the blade fatigue failure.