A procedure of estimating failure probability is demonstrated for a pressurized pipe of CrMo steel used at $538^{circ}C$. Probabilistic fracture mechanics were employed considering variations of pressure loading, material properties and geometry. Probability density functions of major material variables were determined by statistical analyses of implemented data obtained by previous experiments. Distributions of the major variables were reflected in Monte Carlo simulation and failure probability as a function of operating time was determined. The creep crack growth life assessed by conventional deterministic approach was shown to be conservative compared with those obtained by probabilistic one. Sensitivity analysis for each input variable was also conducted to understand the most influencing variables to the residual life analysis. Internal pressure, creep crack growth coefficient and creep coefficient were more sensitive to failure probability than other variables.