Pipeline corrosion prediction (PCP) is an important technology for pipeline maintenance and management. How to accurately predict pipeline corrosion is a challenging task. To address the drawback of the poor prediction accuracy of the grey model (GM(1,1)), this paper proposes a method named ETGM(1,1)-RABC. The proposed method consists of two parts. First, the exponentially transformed grey model (ETGM(1,1)) is an improvement of the GM(1,1), in which exponential transformation (ET) is used to preprocess the raw data. Next, dynamic coefficients, instead of background fixed coefficients, are optimized by the reformative artificial bee colony (RABC) algorithm, which is a variation of the artificial bee colony (ABC) algorithm. Experiments are performed on actual pipe corrosion data, and four different methods are included in the comparative study, including GM(1,1), ETGM(1,1), and three ETGM(1,1)-ABC variants. The results show that the proposed method proves to be superior for the PCP in terms of Taylor diagram and absolute error.