Polyvinyl chloride (PVC) pipes have been extensively applied in water supply network fields. Understanding the mechanical properties and burst pressure of PVC pipes is necessary because a large number of pipes rupture due to excessive internal water pressure. In this paper, a practical approach based on the average shear stress yield (ASSY) criterion was proposed to assess the PVC pipe burst pressure. In addition, the PVC uniaxial tensile tests and the pipe burst tests were carried out to determine the material characteristic parameters and burst pressure of the PVC pipe. Furthermore, a finite element analysis (FEA) of PVC burst pressure was also performed based on the tangent intersection (TI) method to validate the proposed method and experimental results. Moreover, the impact of material parameters and pipe size, such as the strain hardening exponent and standard dimension ratio (SDR) on bursting pressure, were investigated. The comparison with the proposed theoretical model and the experimental and FEA results shows that the burst pressure derived from ASSY was consistent with the experimental data, with a relative error ranging from −2.76% to 2.65%, which is more accurate compared to other yield criteria. The burst pressure obtained by the ASSY approach declined with the increase of the hardening exponent n and increased with the increase of SDR. Therefore, the burst pressure solution-based ASSY proposed in this paper is an adequately suitable and precise predictive tool for assessing the failure pressure of PVC pipes.