Earthquake is one of the most important factors that leads to the liquefaction of tailings and to the instability of the tailings reservoir. Therefore, it is of great practical significance to study the instability mechanism of the tailings reservoir under seismic load. In this study, the dynamic characteristics of the tailings reservoir under seismic load were investigated by carrying out a model test on the dynamic characteristics of the tailings dam. A model test of tailings dam failure and the dynamic characteristics model of the tailings reservoir under seismic load were established. Additionally, the dynamic characteristics under a seismic load were investigated. Additionally, the correctness of the dynamic characteristics model of the tailings reservoir was verified by numerical calculation. Researches show that with the increase in input peak acceleration, pore water pressure, earth pressure, and the horizontal and vertical displacements of the dam monitoring points are gradually increased. However, the acceleration amplification factor shows a declining trend. In the process of increasing the input peak acceleration, the saturation line and the lifting speed increases gradually. There is no obvious slip surface in the failure of the tailings dam, and the overall sliding is shown by the failure mode. The tailings reach each of the downstream sections. The mud height increases to the peak value, and then decreases gradually until stagnation. The results of this study can provide the theoretical basis and reference values for the stability analysis of a tailings reservoir under a seismic load, and the results are of great significance for controlling the risk factors in the operation of tailings reservoir, reducing the risk of tailings production safety, preventing the occurrence of tailing pond accidents, protecting the property safety of the downstream residents and enterprises, maintaining social stability around the reservoir area and creating a good ecological environment.