This paper presents research on the application of ultrasonic-guided wave technology in corrosion defect identification, expounds the relevant ultrasonic-guided wave theories and the principle of ultrasonic-guided wave non-destructive testing of pipelines, and discusses the Lamb wave and shear horizontal wave mode selection that is commonly used in ultrasonic-guided wave corrosion detection. Furthermore, research progress in the field of ultrasonic-guided wave non-destructive testing (NDT) technology, i.e., regarding transducers, structural health monitoring, convolutional neural networks, machine learning, and other fields, is reviewed. Finally, the future prospects of ultrasonic-guided wave NDT technology are discussed.