The straight part of the corrugated steel plate (CSP) pipe-arch structure in soil may cause local buckling instability due to insufficient load-bearing capacity. Recently, composite CSP pipe-arch has been widely utilized to enhance structural stability, and their stability needs to be thoroughly investigated. This paper studies the local buckling stability problem of the straight part of composite CSP pipe-arch in soil by simplifying the soil support and introducing the inter-layer bonding effect. Based on elastic stability theory, a theoretical mechanical model of composite CSP pipe-arch was proposed. The Rayleigh–Ritz method and the semi-combined composite structure stiffness approximation were used to derive the critical buckling conditions for the straight part of the composite CSP pipe-arch. Through numerical calculation and influencing factors analysis, it is concluded that the critical buckling load of the straight part of the composite CSP pipe-arch structure is affected by the elastic modulus, thickness, Poisson’s ratio, rotational restraint stiffness and side length of the straight part of the material. In particular, it is found that as the inter-layer bonding coefficient increases, the critical buckling load is improved, while the critical buckling wave number is mainly influenced by the width of the straight part, elastic modulus, and inter-layer bonding coefficient. Additionally, we discussed the coupling effect of several key parameters on the stability of the structure. The results of this study offer theoretical foundations and guidance for the application of composite CSP pipe-arch in soil engineering, such as culverts, tunnels, and pipeline transportation.