This paper focuses on the dispersion characteristic of interface waves and the detection of interlaminar defects in multilayered pipes. The interface waves propagating along axial and circumferential directions are simplified as strain problems of planes (r, z) and (r, θ), respectively. The axial interface wave is well suited to axial localization of the defect, just as the circumferential interface wave is to circumferential localization. The dispersion curves and wave structures in generalized forms are built based on double- and treble-layered examples. Both interface waves converge to the Stoneley wave velocity at high frequency, while energy is concentrated on the interface. An experimental system is built. Theoretical and experimental group velocities are compared. The results indicate that the average relative errors of these two interface waves are 0.47% and 0.53%, respectively. An interlaminar crack is detected effectively both in axial and circumferential directions, revealing that interface waves hold great potential for non-destructive evaluation.