Abstract: The safe operation of deep-sea oil and gas pipelines is important for the development of offshore oil and gas. The harsh deep-sea environment has a very complex impact on the corrosion behavior of pipeline steel. This study reviewed the research status on the corrosion behavior of pipeline steel affected by three main factors in deep-sea environment, i.e., the hydrostatic pressure, dissolved oxygen and flow erosion. The focuses of the study were the influence of hydrostatic pressure on the ionic activity, corrosion product composition, pitting corrosion and stress corrosion cracking of pipeline steel, as well as the thermodynamics and kinetics of electrochemical corrosion. Then, the relationship of dissolved oxygen with the oxygen and hydrogen depolarization in electrochemical cathodic reactions, as well as that of pipeline steel erosion and corrosion with the flow erosion, was clarified. In addition, the influence rule of the three factors on the corrosion behavior was summarized. Discussion was carried out on the influence of the coupling effects between the hydrostatic pressure and the dissolved oxygen, between the flow erosion and the dissolved oxygen and between the hydrostatic pressure and the flow erosion on the corrosion behavior of pipeline steel. Finally, future research direction and focus on multi-factor coupled corrosion behavior of pipeline steel were prospected.