Composite overwrapped pressure vessels (COPVs) are widely used in the field of high-pressure gas storage and transportation because of their light weight and high strength. In engineering, autofrettage is usually used to improve the fatigue life of composite pressure overwrapped vessels with metal liners. However, excessive pressure of autofrettage could cause buckling damage to the metal liner. In order to determine the upper limit of autofrettage (critical buckling pressure) and analyze its influence on the safety factor of COPVs, a theoretical calculation model of the critical buckling pressure about the metal liner was established based on classical laminated plate theory and the confined buckling theory. Then, a COPV with thin-walled welded metal liner was prepared by fiber winding process. In order to monitor and judge the buckling damage mode of the liner, the circumferential strain of the COPV's cylinder was measured by loading and unloading step-by-step. Finally, the influence of materials and dimensions of the metal liner on the pressure ratio (the ratio of the first layer failure pressure to the critical buckling pressure of the COPV's metal liner) was discussed. When the diameter to thickness ratio (R/t) of the metal liner was greater than 35, the pressure ratios of the 6063-T5 aluminum alloy liner and the S30408 stainless steel liner both exceeded 2.25. However, the pressure ratio of 6061-T6 aluminum alloy liner with R/t ≤ 60 was lower than 1.85, which shows that the metal liner with higher yield strength and lower elastic modulus has higher utilization rate of fiber winding layers. Due to the fact that the current design standards only ensure the reliability of COPVs through safety factors and various type testing with their evaluation methods, the proposed theoretical calculation method can reduce the uncertainty of COPVs during the design and testing rounds.