Abstract: Failures due to localized pipeline corrosion are increasing. However, there is no applicable method to analyze and evaluate the failure pressure. In this circumstance, the reliability of non-linear finite element method is verified. The method is used to analyze the effects of localized corrosion radius and depth on pipeline failure pressure. Referencing the flat stiffener reinforcement theory, and based on the numerical simulation data, a computation method of failure pressure of localized corrosion oil and gas pipeline is obtained. Compared with the calculation results of such standards represented by B31G (revised edition), DNV-RP-F101 and PCORRC recently developed, the results show that the deviation of the computation method obtained by matching is small, and the deviation distribution is uniform that can satisfy the forecast requirements of the failure pressure.