The pipeline transportation system serves as the “energy artery” of national economic development, and its structural integrity is directly related to the safety of the energy, chemical, and infrastructure sectors. However, influenced by harsh environments and corrosive media, pipelines are highly susceptible to corrosion damages. During longterm service, corrosion damage poses a significant challenge, as it is difficult to monitor effectively, thereby becoming a bottleneck in pipeline network. The piezoelectric ultrasonic guided wave (UGW) corrosion monitoring technology has been applied to achieve full-coverage, in-situ, and online monitoring of corrosion damage and structural health conditions in pipelines under service. This promotes the transition of pipeline maintenance strategies from periodic inspection to online monitoring and condition-based maintenance, through which the operational safety of pipelines is ensured and maintenance costs are reduced. In this review, first, the theory of UGW in pipelines is introduced. Then, the development status of system design and key technologies include damage characterization, identification and environmental adaptation is summarized and analyzed, the applications in oil and gas, chemical, and municipal fields are reviewed. Finally, the challenges and development trends of piezoelectric UGW techniques for pipeline corrosion monitoring are summarized.