Abstract: During the mining process, the coal and rock are regarded as normal working loads, the gangue and faults being regarded as random shock loads. The pick can be affected by natural wear and tear caused by the coal and rock and load shocks caused by the gangue and faults—that is, the result of the competing influence of soft failure caused by natural wear and tear and hard failure caused by random load shocks. Because the gangue and faults have a certain volume and hardness, a random load shock may last for a certain period of time, producing different acceleration effects on the pick wear under different hardness. The degradation model of pick competing failure under random load shocks was established by considering the natural wear degradation, instantaneous shock degradation, and accelerated degradation at changing rates during shock periods. The results showed that the competing failure degradation model of the pick considering continuous shocks and a changing degradation rate was more in line with engineering practice, which provides a theoretical basis for pick reliability assessment, maintenance decision and spare parts management.