The failure mode and effects analysis (FMEA) is a mode that adopts systematic methods to determine the possible problems in products or processes, and analysis of the impacts of these problems on products or processes can facilitate the adoption of improvement and prevention measures. Nevertheless, FMEA focuses on factor problems, and can only solve problems according to the importance of the factor. If several failure mode factors take effect or interact simultaneously, it will be difficult to evaluate the analysis. Taking the examples of Chinese photovoltaic cell manufacturing companies, this study integrated three research methods and proposed a new FMEA-IPA-DEMATEL analysis model. First, FMEA was applied to identify the factors to be improved. Second, IPA was employed to discuss the improvement of the importance and performance of the factors. Third, DEMATEL was used to explore the causal relation and interaction among the factors. Finally, this study helped decision-makers identify the core problems to be improved and gave suggestions on the problem-solving sequence. The FMEA-IPA-DEMATEL model combined the strengths of the three methods, and uses the minimum resources to prioritize the projects to be improved, in order to enhance management performance.