Multiple level performance of seismically isolated elevated storage tank isolated with multi-phase friction pendulum bearing is investigated under totally 60 records developed for multiple level seismic hazard analysis (SLE, DBE and MCE). Mathematical formulations involving complex time history analysis have been proposed for analysis of typical storage tank by multi-phase friction pendulum bearing. Multi-phase friction pendulum bearing represent a new generation of adaptive friction isolation system to control super-structure demand in different hazard levels. This isolator incorporates four concave surfaces and three independent pendulum mechanisms. Pendulum stages can be set to address specific response criteria for moderate, severe and very severe events. The advantages of a Triple Pendulum Bearing for seismic isolation of elevated storage tanks are explored. To study seismic performance of isolated elevated storage tank with multi-phase friction pendulum, analytical simulations were performed with different friction coefficients, pendulum radii and slider displacement capacities.