Pile foundations used in liquefiable deposits often have large slenderness ratios, and these piles are particularly vulnerable to earthquake-induced soil liquefaction and occur buckling instability under axial load alone as soils around the pile liquefy. However, insight into the precise impact of inertial load on the buckling behavior of piles in liquefiable deposits is still lacking, and the current methods used to calculate the critical buckling load of the pile in liquefiable ground usually ignore inertial load. In light of the above, two shaking table tests were carried out to clarify the impact of inertial load on the buckling behavior of piles partly embedded in saturated sands. Moreover, a novel calculation method considering inertial load was presented to accurately estimate the critical buckling load of the pile in liquefiable deposits. The feasibility of the presented method had been verified using the results from a centrifuge experiment and an analytical method along with a finite element method. Furthermore, parametric analysis was conducted to study the effect of soil type, peak ground acceleration (PGA), pile diameter, and unsupported length ratio on the critical buckling load of the pile in liquefiable soils. Finally, comparing the calculated results of critical buckling load between the method presented in this paper and the method in the design code confirmed the limitation of the current design code. These combined analyses demonstrate that the critical buckling load of the pile decreases due to the action of inertial load, resulting in the pile being more susceptible to buckling failure. Therefore, designers have to consider the impact of inertial load during the seismic design of pile foundations in liquefiable soils.