The risk- and condition-based dynamic inspection proposed to decrease losses and costs caused by accidents which is not only a decision-making and optimal method for inspection strategies, but is also a soft measurement system for fixed equipment safety status. In the risk- and condition-based dynamic inspection method, data collection is standardized to decrease the impact of personal factors on the data. Moreover, a procedure in which experts approve the data collected from plants is supplemented to amend error and supplement omission of data in time. A relevant inspection strategy is adopted based on the different damage types and its initiation and growth for the aspect of inspection decision-making. In the meantime, the cost-risk efficiency of the inspection is regarded as an objective function to optimize inspection strategies according to the risk status of equipment. Finally, a model is established to assess the frequency of in-service inspection and ensure equipment safety during the end of equipment life based on the fitted linear relationship between the corrosion rate and stress energy.