Caustic embrittlement, a kind of stress corrosion cracking (SCC), is always encountered on materials under stresses amid caustic environment. Acidic corrosion is another familiar degradation on materials contacting acidic media. However, it has been seldom studied what effect would be resulted in on materials that are exposed to an acidic/caustic alternating environment. In this paper, failure events were discovered on the carbon steel pipes under such an alternating service condition due to frequent sharp fluctuations of the heat medium's (process water) pH values in a heat exchanger. What is more, even chloride ions and sulfur element were detected, i.e., pitting corrosion was involved as well. In order to identify the causes of the failure, matrix materials of the pipes were examined, failure defects on pipe surfaces were investigated, particularly the process water was thoroughly inspected via a series of characterization methods. Based on the analysis results, a novel four-level mechanism from microscopic scale to macroscopic scale was tentatively proposed to explain such an acidic/caustic alternating corrosion.