The performance of corroded carbon steel pipelines over the course of their design life is generally assessed by probabilistic variables with explicit limit state functions, rather than the realistic representation with stochastic spatial variability and implicit failure considerations. This could be due to the complexities associated with the uncertainty quantification and performance estimation approaches. The consideration of random process representation of corrosion defect propagation and material properties, along with computationally effective implicit formulation is expected to lead to accurate reliability outcomes. This paper proposes a stochastic-based reliability framework considering suitable failure modes represented with surrogate models, that lead to time-variant reliability estimation. The approach combines surrogate computational model with scalar random variables and random field discretisation of underlying characteristics to generate experimental designs and corresponding surrogate models over a time period, which are used to derive reliability estimates. The outcomes of this approach are compared with the results of explicit time-dependent functions. It was observed that reliability estimates of the corroded pipeline change rapidly after the fifth year, providing a much lesser probability of failure (of 3.08×10−3 at 30th-year) compared to the existing models (of 1.80×10−2 at 30th-year), thereby providing an effective pathway for risk-based maintenance and management.