The HTMS Sukhothai went down on Sunday night while on patrol in the Gulf of Thailand, some 22 miles (37 kilometres) off Thailand's southeast coast.
Some of the 75 people who were saved after jumping aboard a life raft at night are seen in images provided by the Royal Thai Navy.
However, as of Monday afternoon, 31 military members were still unaccounted for, according to Navy spokesperson Admiral Pogkrong Montradpalin.
According to a navy statement, the search and rescue operation involved utilising two Seahawk helicopters, two frigates, and one amphibious assault ship.
The Royal Thai Air Force said in a statement that they contributed to the operation later on Monday. There were no other details included in the announcement.
According to Prime Minister Prayut Chan-o-Cha, an inquiry into the incident's causes is now in progress.
He said, “I am following the news closely; about five people are seriously injured.”
A spokeswoman for the navy stated that the ship sank due to a failure in its electronic systems.
He said the ship had become uncontrollable because its operating system had suddenly shut down.
The navy released photos and video showing the ship capsized and a rescue boat approaching it in stormy seas.
After their rescue, the men in the photos posted to the navy’s Twitter account were shown wrapped in blankets.
Storms and flooding have recently affected multiple regions in southern Thailand.
The Thai meteorological office issued a statement on Monday telling mariners to exercise caution in the Gulf of Thailand due to high winds.
According to the United States Naval Institute, the HTMS Sukhothai was commissioned in 1987 and was constructed in the United States by the now-defunct Tacoma Boatbuilding Company.
In 2018, a boat carrying mostly Chinese tourists overturned off the coast of Phuket island in Thailand on the west coast.
The accident, which claimed the lives of more than 40 individuals, was one of the deadliest maritime catastrophes in recent history.