The corrosion in the aqueous environment of CO2–H2S–O2–SO2 is extremely severe, causing frequent failures of pipeline and posing a challenging issue for material selection. This paper drew on excellent standards and past experiences to provide a suitable method for selecting materials. The method consisted of four components: standard primary selection, corrosion evaluation selection, mechanical property selection, and economic final selection. A case study demonstrated that the applicable materials for the environment (total pressure of 1.5 MPa, temperature of 30–120 °C, H2S content of 0.1–1.5%, CO2 content of 8–55%, SO2 content of 0–0.00015% and O2 content of 1–3%) were composed of 2Cr13 or 316L. Additionally, the main control factors for corrosion rate were ranked as follows: O2 > H2S > temperature > CO2 > SO2. And a reduction in mechanical properties was observed for 2Cr13, 316L, and 825 after corrosion.