Previously conducted studies have established that the early warning of water inrush is crucial for the prevention and control of mining water catastrophes in the panel. In order to ensure the safety of coal mining, in this paper, monitoring indicators were determined using the sensitivity analysis method, and then a multi-indicator early-warning model for water inrush was established mainly based on the geological data of the Yanghuopan coal mine. The monitoring stage of the early-warning model should be determined according to the distance between the monitoring borehole and the mining position. Then, the development of a water-conducting fracture zone and the fluctuation and stochastic oscillator of monitoring indicators are comprehensively analyzed to determine the early-warning level. A multi-indicator early-warning model was applied to panel 30302 of the Yanghuopan coal mine and panel 1304 of the Zhaoxian coal mine in the Yushen mining areas. The abnormal warning of the water disaster in panel 1304 was sent 3 days before the disaster, which shows the effectiveness of the model. It can provide a reference for the development of an early-warning model for mine water inrush in Yushen mining areas.