This work explored the fluid–structure interaction (FSI) effect of crude oil and pipeline and the vibration characteristics of the pipe–crude oil structural system. A finite element computational analysis theory and corresponding simulation method were proposed for crude oil pipelines considering the FSI effect. Meanwhile, the spring model of the FSI interface between crude oil and pipeline was proposed. The experimental simulation and neural network were adopted to obtain the flow-excited pulsation pressure (FEPP), and the kinetic equations of the pipe–crude oil FSI were analyzed. The finite element computation (FEC) model for pipe–crude oil bi-directional FSI dynamics was established, which was composed of five support span lengths and four pipe liquid levels and can provide five different crude oil fluid velocities. One hundred orthogonal simulation test conditions were designed. In addition, the displacement response and acceleration response under FSI of the pipe wall were calculated, and the first six orders of inherent frequencies and main vibration patterns of the FEC model were analyzed. The results revealed that the dynamic effect of FSI between the crude oil transport medium and pipeline was complex and was influenced by the length of the pipeline crossing section, medium flow velocity, difference of liquid surface height, and displacement response. The acceleration response possessed prominent vibration decay characteristics, and the response peak in the same condition was about 8.2 times larger than that of the steady-flow state response. Therefore, the effect changed the inherent frequency and vibration pattern of the pipeline, to which the engineering design should pay sufficient attention.