Most transmission pipelines are buried underground per regulations, and external corrosion is the leading cause of failures of buried pipelines. For assessing aged pipeline integrity, many corrosion assessment models have been developed over the past decades. This paper delivers a technical review of corrosion assessment models for determining the remaining strength of thin- and thick-walled pipelines containing corrosion defects. A review of burst prediction models for defect-free pipes is given first, including the strength- and flow-theory-based solutions, and then of those for corroded pipes. In terms of the reference stress, the corrosion models are categorized into four generations. The first three generations correspond to the flow stress, ultimate tensile stress (UTS), and a combined function of UTS and strain-hardening rate, while the fourth generation considers the wall-thickness effect. This review focuses on recent advances in corrosion assessment methods, including analytical models and machine learning models for thick-walled pipelines. Experimental data are used to evaluate these burst pressure prediction models for defect-free and corroded pipes for a wide range of pipeline steels from low to high grades (i.e., Grade B to X120). On this basis, the best corrosion models are recommended, and major technical challenges and gaps for further study are discussed.