Purpose: The purpose of this study was to investigate the relationship between failure attribution and counterfactual thinking in Chinese elite swimming athletes. Methods: Participants were 88 Chinese elite swimming athletes who came from Shenyang, Dalian, and Beijing. They submitted responses to two questionnaires measuring counterfactual thinking and failure attribution respectively. We conducted the exploratory factor analysis and Cronbach α analysis to find out construct validity and reliability. Median split was used to divide counterfactual thinking into 3 categorical levels and the data was analyzed using ANOVA. Finally we conducted correlation and regression analysis. Results: Other-referent upward counterfactual thinking was significantly different according to the level of team work failure attribution and the sum of failure attribution. Non-referent downward counterfactual thinking was significantly different according to the level of psychological burden failure attribution. The sum of counterfactual thinking was significantly different according to the level of the sum of failure attribution. The subscale of counterfactual thinking and failure attribution was strongly correlated. Self-referent upward counterfactual thinking was influenced by psychological burden failure attribution. Other-referent upward counterfactual thinking was influenced by team work failure attribution. The sum of failure attribution influenced non-referent downward counterfactual thinking and the sum of counterfactual thinking. Conclusions: Based on these results, counterfactual thinking of Chinese elite swimming athletes was differentiated by the level of failure attribution. Counterfactual thinking and failure attribution were strongly correlated. Finally, counterfactual thinking of Chinese elite swimming athletes was influenced by failure attribution.