The process of metal dissolution under a delaminated insulating polymer coating (underfilm dissolution) has been studied. For this purpose, we used an experimental setup that simulates the process of corrosion of underground metal structures in the presence of through defects in the polymer coating and/or extended areas of peeling of the polymer coating from the metal (loss of adhesion)—subfilm cavities partially or completely filled with electrolyte. In particular, the distribution of the protective current under a peeled polymer coating was studied, and a sharp decrease in the value of the protective current was shown at a distance of 1–3 cm from the edge of the defect with a gap between the metal and the coating of 1–6 mm. The localized nature of metal corrosion under the exfoliated polymeric coating has been demonstrated. The ratio of the areas with accelerated corrosion to the total area of the metal can be 1 to 100. It has been established that there are areas of anodic dissolution of the metal during cathodic polarization of the entire sample with a peeled coating. The activating effect of carbon dioxide and hydrogen sulfide on the corrosion and anodic dissolution of steel under the coating was shown. So, it has been established that the dissolution current flowing from the anodic sections on a surface can increase approximately 10 times in the presence of carbon dioxide and hydrogen sulfide. A synergistic effect of these compounds on the process of localized underfilm corrosion of steel was detected. It has been developed a mechanism for the formation of localized corrosion damage to steel under a delaminated polymeric coating, which can be the nuclei of corrosion cracks upon reaching a certain level of mechanical loads, i.e., stress corrosion cracking (SCC) of carbon steel. Possible manners of inhibiting underfilm dissolution of metals are considered, and a method for pre-treatment of the surface with solutions of organosilanes, which ensures the formation of surface self-assembled polymeric siloxane nanolayers responsible for inhibiting underfilm corrosion of steel, is proposed.