External corrosion dent is a common type of compound dent. On the one hand, this type of compound dent reduces the bearing area and bearing capacity of the pipeline. On the other hand, it leads to an increase in the stress–strain concentration in the dent and reduces the anti-fatigue load capacity of the pipeline, which is more harmful to the service safety of the pipeline than the simple dent. In this study, the reliability of the modeling method was verified by the numerical inversion of the full-size dented pipe test. A three-dimensional finite element model for a pipe with a small corrosion dent was established by analyzing the internal detection data on corrosion defects of pipes with a diameter of 813 mm. The failure criterion of the corrosion dent pipe and the calculation method of the critical dent depth were determined. The influence of corrosion depth, length, width, internal pressure load, curvature radius of indenter, and diameter–thickness pipeline ratio on critical dent depth was investigated. Finally, a critical dent-depth prediction formula was developed based on the numerical results. This study provides a reference and significant guidance for the applicability evaluation of corroded sunken pipelines.