Steel storage tanks are widely used in different fields. Most of these tanks contain hazardous materials, which may lead to disasters and environmental damage for any design errors. There are many reasons which cause the failure of these tanks such as excessive base plate settlement, shear failure of soil, liquid sloshing, and buckling of the tank shell. In this study, five models of above-ground steel storage tanks resting over different types of clay soils (medium-stiff clay, stiff clay, and very stiff clay soils) are analyzed using the finite element program ADINA under the effect of static and dynamic loading. The soil underneath the tank is truly simulated using a 3D solid (porous media) element and the used material model is the Cam-clay soil model. The fluid in the tank is modeled depending on the Navier–Stokes fluid equation. Moreover, the earthquake record used in this analysis is the horizontal component of the Loma Prieta Earthquake. The analyzed tanks are circular steel tanks with the same height (10 m) and different diameters (ranging from 15 m to 40 m). The soil under the tanks has a noticeable effect on the dynamic behavior of the studied tanks. The tanks resting over the medium-stiff clay (the weakest soil) give a lower permanent settlement after the earthquake because of its low elastic modulus which leads to the absorption of the earthquake waves in comparison to the other types of soil. There are 29.6% and 35.6% increases in the peak dynamic stresses under the tanks in the cases of stiff clay and very stiff clay soils, respectively. The maximum values of the dynamic vertical stresses occur at a time around 13.02 s, which is close to the peak ground acceleration of the earthquake.