The lifting operation of offshore pipelines is an important step in ocean pipeline engineering. An effective analytical method is developed for investigating the mechanical properties of the pipeline based on mechanical, physical, and geometric relationships. By using the shooting and the secant methods to transform the boundary value problem into an initial value one and then solving them with the Runge–Kutta method, the deformation and mechanical properties of the pipeline are calculated. Furthermore, based on the Det Norske Veritas (DNV) offshore standard, the mechanical properties of the pipeline are checked. The finite element method (FEM) by Orcaflex is employed to verify the accuracy of the analytical model. The effects of some factors such as the current velocity and lifting point position on the mechanical properties of the pipeline are analyzed based on the analytical model. The results indicate that the change in current velocity during the lifting process has a minimal effect on the pipeline, but the change in lifting point position significantly affects the deformation and mechanical properties of the pipeline.