Purpose is to perform analysis of corrosion durability (fatigue) of pump rod materials in terms of various chemically active simulation environments, and study influence of economically modified rare-earth impurity on corrosion fatigue strength of pump rod materials. Methods. 40 and 20N2M steel grades have been applied as well as experimental steel (ES). Steel of the conditinal ES grade has been melted within a pilot site of Institute of Electric Welding Named after E.O. Paton of the National Academy of Sciences of Ukraine. The steel was alloyed economically by means of a micro impurity of a rare-earth element (REE) being 0.03% of cerium; in addition, it contained comparatively low concentration of sulfur and phosphorus as well as minor concentration of dissolved hydrogen. The following has been used as simulation environments: 1) NACE environment (i.e. 5% NaCl solution which contained 0.5% СН3СООН, and saturated H2S; t = 22 ± 2°C; pH = 3.8-4.0); 2) 3% NaCl solution without hydrogen sulphide. Once every day, the environment was replaced to oxygenate it up to 8-10 mg/l concentration. Findings. Stability against sulfide stress-corrosion cracking (SSCC), hydrogen initiated cracking (HIC), and corrosion fatigue of steel of deep pump rods for oil industry has been studied. It has been defined that the experimental steel, modified economically by means of micro impurities of a REE, meets NACE MR0175-96 standard in terms of chemical composition as well as strength; in turn, 20N2M and 40 steel grades have high resistance neither to SSCC (threshold stresses are < 0.8 s) nor to corrosion fatigue attack; moreover, steel grade 40 has demonstrated low resistance to HIC (CLR > 6% and CTR > 3%). Originality. It has been identified that corrosion fatigue attack results from hydrogen penetration of steel initiating its cracking and hence destruction under the effect of alternating loads accelerated by the action of corrosive environment. Further, surface micro destructions, influenced by micro stresses, transform into large discontinuities and cracks with following macro destructions. Practical implications. It has been proved that high resistance to corrosion cracking can be achieved by means of refining of pump-rod steel of ferrite and perlite type using metallurgical methods, i.e. 0.01-0.03% REE microalloying.