Despite the high cost and low efficiency, compressed air is mostly used in underground mining for ore extraction, hoisting, and mineral processing operations. Failures of compressed air systems not only threaten the health and safety of workers but also contribute to inefficient control of airflow and stopped all equipment that operates by compressed air. In such uncertain conditions, mine managers are faced with the big challenge to supply enough compressed air, and therefore, the reliability evaluation of these systems is essential. This paper aims to analyze the reliability of the compressed air system using the Markov modeling approach as a case study, Qaleh-Zari Copper Mine, Iran. To achieve this, the state space diagram was constructed considering all relevant states for all compressors in the main compressor house of the mine. The failure and repair rate of all main and reserve compressors were calculated for all possible transitions between states to obtain the probability of being of the system in each of the states. Moreover, the probability of failure at any time period was considered to study the reliability behavior. The results of this study show that there is 31.5% probability that the compressed air supplying system is in operating condition with two main and one standby compressors. The system probability that two main compressors are remain in the operation without failure for one months is 92.32%. Furthermore, the lifetime of the system is estimated 33 months when at least one main compressor is active.