With continued increasing construction of both electrified facilities and buried high‐strength pipelines in China, stray current corrosion defects have become an nonignorable threat for these pipelines. A comprehensive investigation on a new failure pressure prediction model for high‐strength pipes with stray current corrosion defects was conducted in this study. The mechanism of stray current corrosion in steel pipes was firstly elaborated in brief. After that, a parameterized finite element model for stress analysis of pipes with external corrosion defects was programmed by APDL code developed by general software ANSYS. By comparing numerical results with full‐scale experimental results, both the numerical model and the failure criteria for pipe burst were proven to be reasonable. Based on the finite element model, parametric analysis was performed using a calculation matrix set by orthogonal testing method to investigate the effects of three main dimensionless factors, that is, ratio of pipe diameter to wall thickness, nondimensional corrosion defect length, and nondimensional corrosion defect depth on pipe's failure pressure. Utilizing the parametric analysis results as database, a multilayer feed‐forward artificial neural network (ANN) was developed for failure pressure prediction. By comparison with experimental burst test results and results of previous failure pressure estimation model, the ANN model results were proven to have both high accuracy and efficiency, which could be referenced in residual strength or safety assessment of high‐strength pipes with corrosion defects.