Failure of loose gully deposits under the effect of rainfall contributes to the potential risk of debris flow. In the past decades, researches on hydraulic mechanism and time-dependent characteristics of loose deposits failure are frequently reported, however adequate measures for reducing debris flow are not available practically. In this context, a time-dependent model was established to determine the changes of water table of loose deposits using hydraulic and topographic theories. In addition, the variation in water table with elapsed time was analyzed. The formulas for calculating hydrodynamic and hydrostatic pressures on each strip and block unit of deposit were proposed, and the slope stability and failure risk of the loose deposits were assessed based on the time-dependent hydraulic characteristics of established model. Finally, the failure mechanism of deposits based on infinite slope theory was illustrated, with an example, to calculate sliding force, anti-sliding force and residual sliding force applied to each slice. The results indicate that failure of gully deposits under the effect of rainfall is the result of continuously increasing hydraulic pressure and water table. The time-dependent characteristics of loose deposit failure are determined by the factors of hydraulic properties, drainage area of interest, rainfall pattern, rainfall duration and intensity.