Cured-in-place pipe (CIPP), the most common approach employed in trenchless sewer rehabilitation technology, has been increasingly used in recent years. To examine the mechanical characteristics of corroded buried concrete pipes after semi-structural rehabilitation of CIPP, a series of full-scale tests was performed. The influence of traffic, surcharge, and fluid loads as well as cover depth on the mechanical properties of the pipe–liner composite structure was analyzed. The following results were obtained. (1) The longitudinal strain of the CIPP liner at the pipe joint is significantly greater than that at the pipe barrel. (2) The cover depth has a greater impact on the circumferential strain and a smaller impact on the longitudinal strain of the pipe-liner composite structure. (3) The above-ground concentrated loads such as surcharge and traffic loads, which will significantly increase the circumferential strain of the pipe-liner composite structure and sharply increase the longitudinal strain of the CIPP liner in shallow cover depth, greatly affect the circumferential and longitudinal strains of the pipe-liner composite structure. (4) The fluid load has little effect on the mechanical properties of the pipe-liner composite structure.