In order to identify the main causes of cracking and leakage of 12Cr1MoV water wall tubes outside the furnace in thermal power plants, this paper uses macroscopic morphology observation, stereomicroscope observation, alloy composition analysis, Brinell hardness test, metallographic structure inspection, and other means to detect and analyze the failed water wall tube. The alloy composition content of the water wall tubes submitted for inspection is within the standard requirements, and the Brinell hardness value of the water wall tubes also meets the requirements of relevant standards, The matrix metallographic structure of the water wall tube is normal. The initial leakage point is the cracking of the fillet weld at the end of the water wall tube fin, while other leakage points are caused by the blowing of the medium leaked from the initial leakage point. The initial leakage point is formed by the fatigue crack initiated at the fillet weld of the fin end and the corrosion crack on the inner wall extending towards each other. It is recommended to further inspect whether there is still cracking at the end of adjacent water wall tube fins to prevent similar cracking from happening again. Due to the frequent changes in the “peak shaving” period and amplitude in recent years, it is necessary to design the peak shaving period or amplitude reasonably to ensure the safe operation of the boiler.