This paper aims to provide an overview of the experimental and simulation works focused on the detection, localisation and assessment of various defects in pipes by applying fast-screening guided ultrasonic wave techniques that have been used in the oil and gas industries over the past 20 years. Major emphasis is placed on limitations, capabilities, defect detection in coated buried pipes under pressure and corrosion monitoring using different commercial guided wave (GW) systems, approaches to simulation techniques such as the finite element method (FEM), wave mode selection, excitation and collection, GW attenuation, signal processing and different types of GW transducers. The effects of defect parameters on reflection coefficients are also discussed in terms of different simulation studies and experimental verifications.