Corrosive fatigue failure of submarine pipelines is very common because the pipeline is immersed in a sea environment. In Bohai sea, many old pipelines are made of API 5L X56 steel materials, and it is necessary to provide an accurate method for predicting the residual life of these pipelines. As Paris law has been proven to be reliable in predicting the fatigue crack growth in metal materials, the two constants in Paris law for API 5L X56 steel materials are obtained by using a new proposed shape factor based on the analysis of experimental data measured from fatigue tests on compact tension specimens immersed in the water of Bohai sea. The results of the newly proposed shape factor show that, for a given stress intensity factor range (ΔK), the fatigue crack growth rate (da/dN) in seawater is 1.6 times of that that in air. With the increase of fatigue crack growth rate, the influence of seawater on corrosive fatigue decreases gradually. Thereafter, a finite element model for analyzing the stress intensity factor of fatigue crack in pipelines is built, and the corrosive fatigue life of a submarine pipeline is then predicted according to the Paris law. To verify the presented method, the fatigue crack growth (FCG) behavior of an API 5L X56 pipeline with an initial crack under cyclic load is tested. Comparison between the prediction and the tested result indicates that the presented method is effective in evaluating the corrosive fatigue life of API 5L X56 pipelines.