Flow-induced localized corrosion is regarded as one of the main degradation mechanisms of materials. As an initial step of the simulation of a pipe, a plate is chosen to simplify the problem. In this paper, finite element method is used to simulate the corrosion process in the plate by employing nonlinear geometry and physics equations of the material to describe the quasi-static process. An elastic modulus iterative procedure was performed to obtain the material parameters in consideration of the nonlinear physical properties of corrosion. The effect of corrosion is then considered by introducing a criterion between depth and time, calculating corrosion depth at progressive given time. Dead and live finite elements are employed to consider the invalidation of the material. Thus the movable boundary conditions can be taken into account and the dynamic status of corrosion can be simulated. Stress corrosion process under flowing fluid condition is analyzed and then the results of representative examples are compared with published results.