This paper has presented a new method of the remaining life prediction of corroded pipeline based on the reliability theory.This method involves establishing the probability distribution models of variables-corrosion velocity,corrosion flaw size,critical corrosion flaw size.Then,a function of the failure probability or reliability verse the service time of corroded pipeline could be gained by calculation.Utilizing this function,we could determine the remaining life of the corroded pipeline as long as the acceptable probability or target reliability was determined according to risk rank and area grade of the pipeline lying.Decision of the inspection interval of corroded pipeline could be made as result of the remaining life prediction.The new method has been utilized successfully in several pipelines.