A method to calculate failure pressure of oil-gas pipeline with localized corrosion defects was established based on stress concentration theory and the numerical simulation data. This method was used to assess the impacts of radius of localized corrosion and localized corrosion depth on oil-gas pipeline failure pressure. The reliability of evaluating the localized corrosion with the non-linear finite element method was also validated. Compared with existing calculation methods, the calculation method introduced has both small error and evenly distributed error in calculating oil-gas pipeline failure pressure, therefore, it meets the requirements of predicting oil-gas pipeline failure pressure with localized corrosion defect.