Abstract: A limit state function of the corroded pipeline is presented on the basis of analysis of failure pressure and corrosion rate of corroded pipeline. The advanced first order and second moment iterative method are employed for calculation on reliability index and failure probability. As an engineering example, reliability index and failure probability are calculated and remaining life is predicted for a corroded pipeline. The effects of applied pressure, corrosion rate, defect depth and defect length on the reliability of corroded pipeline are evaluated.