Analytical model for Pulsed Eddy Current Testing (PECT) of a multi-layered metallic pipe has not been solved, which limits the development of PECT technology. In this paper, the analytical model for vertical coils near a multi-layered metallic pipe is proposed. However, the analytical solution is hard to solve due to the large number of undetermined coefficients. Combined with the global matrix method, an improved transfer matrix across a conductor is established, which overcomes unsolvable problem in the traditional transfer matrix method. The induced voltage of pickup coil calculated based on the analytical model is verified by Finite Element Method (FEM) and experiments. Furthermore, the influence of several working conditions of pipelines on the PECT signal is studied based on the analytical model, providing guidance for engineering applications.