A common reclamation practice for closed coal surface mines is filling them with water to form pit lakes. The creation and sustainability of these lakes are significantly affected by the stability of the corresponding slopes. The present study provides a general framework for analyzing the water filling's effect on slope stability based on a new water filling index, which can indirectly consider the factors affecting the process and efficiently quantify the filling speed's influence. The assumptions of the proposed approach are thoroughly discussed, and the range of the water filling index is identified. Furthermore, the safety factor is calculated using the finite element method with the shear strength reduction technique during the filling process for various conditions (soil properties, slope geometry, hydraulic conditions, and water filling speed). Results are presented as normalized stability charts for practical use. During the water filling, the stability gradually decreases until the reservoir reaches a critical level of 10%–40% of the total height; it then increases to even more stable conditions than the initial one. Overall, the present analysis allows for the preliminary stability evaluation of a coal mine during the formation of a pit lake and the appropriate quantification of the water filling's effect.