The design of ship structural safety is crucial to ensure the ship’s survivability during the operation. Extensive research has been conducted on ship structural components, including box girders, stiffened panels, and plates, beyond the ideal conditions by considering the implication of manufacturing processes, vessel usage, and aging in the form of defects like cracks, corrosion, and imperfections, both locally and globally. Previous research has also explored various methodologies, conditions, and parameters to understand the impact of damages and imperfections on ship structure and strength. However, there is a significant need to bridge the gap in prior research to advance technology and ship structural strength analysis. A comprehensive benchmark study specifically focused on improving ship structural component needs, identifying differences and gaps among existing studies as challenging. This article thoroughly reviews ship structural components, such as box girders, stiffened panels, and plates, while examining the effects of structural defects like corrosion, cracks, and imperfections on ship structural integrity. It synthesizes the influence of various defect parameters, including crack length, angle, position, corrosion severity, pit corrosion, pit diameter, and pit models, using finite element modeling and experimental investigations, particularly emphasizing ship structural components. The comparative analysis of methods and parameters presented in this review will serve as a valuable reference for future investigations and studies related to ship structural strength and design. The article’s contribution is expected to enhance the understanding of ship structural strength, contributing to the sustainability and effectiveness of vessel design in the global maritime industry.