Sandwich pipes can be a potentially optimal system for use in deep-water applications. In recent years, there has been considerable interest in understanding the stability characteristics of these pipes under the governing loading conditions, with the aim of generating optimal design. External hydrostatic pressure is a critical loading condition that a submerged pipeline experiences during its installation and operational period.This article presents an analytical approach for estimating the bucking capacity of sandwich pipes with various structural configurations and core materials, subject to external hydrostatic pressure. The influence of adhesion between the core layer and inner or outer pipes is also a focus of this study. Beside the exact solution, two simplified equations are developed for estimating the buckling capacity of two configurations commonly used in practice. Details of both the exact and simplified analytical formulations are presented and the required parameters are defined. The efficiency and integrity of the proposed simplified solutions are compared with a solution developed by other researchers. A comprehensive series of finite element eigenvalue buckling analyses was also conducted to evaluate the accuracy and applicability of the proposed solutions.