This paper presents the effect of external corrosion, material properties, operation condition and design thickness in pipeline on failure prediction using a failure probability model. The predicted failure assessment for the simulated corrosion defects discovered in corroded pipeline is compared with that determined by ANSI/ASME B31G code and a modified B31G method. The effects of environmental, operational, and random design variables such as defect depth, pipe diameter, defect length, fluid pressure, corrosion rate, material yield stress and pipe thickness on the failure probability are systematically studied using a failure probability model for the corrosion pipeline.