Corrosion is a widespread problem in metallic pipelines. Copious use of pipelines across many industries urges the application of inspection technologies for early detection of corrosion in order to prevent its costly and fatal outcomes. As of today, there is a range of ultrasonic techniques that cater to finding and sizing of the extent of corrosion. For piping inspection, guided wave (GW) modes are of interest for detecting corrosion defects as they offer rapid scanning over extended distances. Over the past three decades, the use of GWs have progressed tremendously and are commonplace today. More complex testing units have been fabricated because of recent advances in the fields of smart materials, electronics, and communication technologies. However, GW signals contain multiple modes and only a handful of them are used in inspection. This paper aims to provide an overview of current GW approaches focused on the detection, localization, and evaluation of corrosion defects in pipelines. The study presents a literature review of the main issues encountered in pipeline systems when using GWs and recent attempts to overcome the barriers.