We study the degradation of the mechanical and corrosion properties of 17G1S steel in gas mains as a result of operation for 28–40 yr. We reveal the simultaneous decrease in its strength and hardness, on the one hand, and impact toughness and crack resistance, on the other hand. The indicated parameters prove to be most sensitive to the in-service degradation of the metal. The degradation of steel leads to the increase in the strain-hardening coefficient and the appearance of the yield plateau in the tensile stress-strain diagram and causes the appearance of sensitivity to hydrogen embrittlement increasing in the process of operation. We analyze the role of absorbed hydrogen affecting the mechanism of strain aging and responsible for the appearance of defects. It is shown that the polarization resistance can be used not only for monitoring of the corrosion state of gas pipelines but also for the prediction of changes in their mechanical properties in the process of operation.