Concrete pipes are widely used in municipal drainage projects. Corrosion is a common issue affecting concrete pipes, causing leakage of pipes, environmental pollution, and road collapse. It is necessary to study the mechanical properties of corroded concrete pipes. To investigate in depth the influence of corrosion depths, corrosion widths, traffic loads, and cover depths, on mechanical characteristics of buried corroded concrete pipes under static traffic loads, a series of full-scale tests were carried out. Then, a three-dimensional finite element model of buried corroded concrete pipes under traffic loads is established based on ABAQUS. Results showed that the inside of the pipe wall is more vulnerable to damage than the outside. The stress and strain of a corroded pipe is significantly larger than that of an uncorroded pipeline. The corrosion has a great influence on the stress and strain of the corroded area. The maximum principal stress and circumferential strain at corroded area increase with increasing of corrosion depth. The stress and strain first increases rapidly (0–10°), and then decreases rapidly (10–45°), then finally decreases slowly (45–180°) with an increase of corrosion width. In addition, the greater cover depth or increasing traffic load causes a rapid increase in both circumferential strain and the maximum principal stress.