Capsizing, sinking, and flooding accidents occurring in the coastal waters of the Republic of Korea constitute a persistent marine safety concern, accounting for approximately 17% of total fatalities associated with marine accidents. Previous statistical analyses of accident causation have identified key contributing factors such as adverse weather conditions, improper cargo loading, and deficiencies in vessel maintenance; however, the complex interdependencies among these factors have not been sufficiently quantified. To address this limitation, this study proposes a Fuzzy Bayesian Network (FBN) model to systematically evaluate and quantify the risk factors associated with capsizing, sinking, and flooding accidents. A total of 164 adjudicated marine accident cases that occurred in Korean coastal waters over a 10-year period (2015–2024) were analyzed to estimate prior probabilities for six major causal categories. Conditional Probability Tables (CPTs) were derived through a structured Delphi survey conducted with marine safety experts possessing more than 10 years of professional experience. To mitigate the subjectivity inherent in expert judgment, Triangular Fuzzy Numbers (TFNs) and centroid-based defuzzification were applied. Sensitivity analysis identified sea state (SI = 0.0155) and cargo loading condition (SI = 0.0125) as the two most influential factors affecting the probability of capsizing. Scenario analysis further revealed that when adverse weather conditions and improper cargo loading occur simultaneously, the probability of capsizing increases to 39.3%, representing a 5.3 percentage point increase compared to the baseline. In addition, the model demonstrated a close agreement with observed accident outcome distributions, with a Kullback–Leibler (KL) divergence of 0.038, indicating differences within 1.3 percentage points across all outcome categories. The findings of this study provide practical implications for targeted marine safety interventions and the prioritization of regulatory measures in the coastal waters of the Republic of Korea.