This paper proposes an analytical approach that can describe the Pulsed Eddy Current Testing (PECT) of stratified conductive structures by a single air-coil used for detecting and sizing of metal loss due to interlayer corrosion. Specifically for a single air-cored coil above a multilayered conductive structure, the coil impendance response of the cylindrical eddy-current probe is calculated based on the truncated region eigenfunction expansion (TREE) method using the generalized matrix coefficients in series form. Analytical modeling of pulsed eddy current is developed using the Fourier series for multilayered conductive structures. A simulation study is carried out for demonstrating the capability of the proposed approach for sizing the metal loss in a two-layer specimen. Furthermore, the experiment is set up to confirm the simulating results of the analytical model for multilayered steels. Good agreement between the theoretical results and measured signals is observed.