The high-density polyethylene (HDPE) double-wall corrugated pipe, which is a kind of flexible pipe, is widely used in municipal drainage networks. The characteristics of the surrounding soil and pipe bed, pipe cover depth, backfill compaction, type of pavement and pavement design, and traffic loads are some of the major factors that affect the stress and deformation of pipes. In this study, the ABAQUS 3D finite element model was used to analyze the influence of backfill compactness, traffic loads, diameter, and hoop stiffness on the mechanical characteristic of an HDPE pipe under traffic loads. A series of full-scale tests were carried out to verify the validity of the simulation results. For the conditions tested, the results showed the following: (1) the Von-Mises stress of the pipe was mainly determined by the earth pressure at the crown, and the stress caused by backfill compaction increased significantly but had a short duration and limited impact on the pipe; (2) traffic load alone had little influence on the mechanical behavior of the pipe: while under the action of the loose backfill in contact with the pipe, the pipes were more sensitive to the traffic load response; (3) the fluctuations in the Von-Mises stress of the pipe mainly depended on the magnitude and speed of the traffic load; (4) for pipes with a small diameter, non-compacted backfill easily caused stress concentration in the pipe, while the degree of backfill compaction had almost the same effect on the distribution of stress for pipes with different hoop stiffness.