The reliability estimation of buried pipeline with corrosion defects is presented. The reliability of corroded pipeline has been estimated by using a theory of probability of failure. And the reliability has been analyzed in accordance with a target safety level. The probability of failure is calculated using the FORM (first order reliability method). The changes in probability of failure corresponding to three corrosion models and eight failure pressure models are systematically investigated in detail. It is highly suggested that the plant designer should select appropriate operating conditions and design parameters and analyze the reliability of buried pipeline with corrosion defects according to the probability of failure and a required target safety level. The normalized margin is defined and estimated accordingly. Furthermore, the normalized margin is used to predict the failure probability using the fitting lines between failure probability and normalized margin.