The objective of this study was to investigate the effect of the thickness eccentricity on the collapse pressure of a subsea pipeline subjected to external pressure. The collapse behavior of the subsea pipeline containing initial imperfection was evaluated using elastic-plastic finite element (FE) analyses. API 5L X65 and API 5L X80 Pipelines with the thickness eccentricity values between 4~16% were adopted to investigate the plastic collapse under hydrostatic pressure. A parametric study was shown that the plastic collapse pressure decreased when either the thickness eccentricity or the ratio of diameter to thickness increased.