The parametric seismic fragility model of elephant-foot buckling (EFB) in the tank wall of the unanchored storage tanks is introduced by utilizing the results of a parametric study of eighteen tank-soil configurations. The model can be used to rapidly assess the seismic vulnerability to EFB for a larger number of tanks. The parametric study involved a 1D cloud-based soil response analysis to relate the ground-motion intensity measure at the bedrock with that at the free surface, and a pushover analysis of the refined finite element model of the tank to assess the engineering demand parameter in terms of axial compressive stress in the tank wall and the critical value that triggers EFB. As a consequence, the parametric seismic fragility model can be applied to intensity measures at the bedrock, as it is demonstrated for the spectral acceleration at the tank’s impulsive period, Se,bedrock,EFB, and the peak ground acceleration, PGAbedrock,EFB. The input parameters of the introduced seismic fragility model are the harmonic average shear-wave velocity in the top 30 m of soil, Vs,30, the slenderness ratio of the tank, H/R, the ratio between radius and wall thickness of the tank, R/t, and the standard deviation of log values for the intensity measure causing EFB. The model reliably predicts the median intensity measure causing the onset of EFB in the investigated tank-soil configurations, especially when Se,bedrock,EFB is selected for the intensity measure. However, further investigation is required to enhance the accuracy of predicted intensity measures that trigger EFB by considering the dynamic impact between the base plate and the foundation during an earthquake and accounting for the complete soil-structure interaction effects.