The deep‐water pipeline connector (DPC) is a key piece of equipment for the connection of multiple facilities located in different positions of the subsea production system. Establishing a DPC sealing degradation model considering the internal corrosion can provide a basis for its structural design and maintenance. Considering the characteristics of nonlinear and multiphase for the DPC degradation process, a two‐phase nonlinear Wiener process is applied to establish a DPC degradation model. It can reasonably consider the commonly encountered situation that a change point locates among the test times. DPC reliability analysis and lifetime prediction methods are constructed after a maximum likelihood method is employed to estimate the hyperparameters of the established degradation model. Finally, a subsea Christmas tree wellhead connector is taken as an example to verify the reasonability and effectiveness of the method. The results indicate that the proposed method can describe the nonlinear time‐varying properties caused by the DPC internal corrosion more accurate and reasonable than other traditional classic methods, and a more reasonable lifetime assessment result can be obtained.