Cathodic protection (CP), in combination with an insulating coating, is a preventative system to control corrosion of buried carbon steel pipes. The corrosion protection of coating defects is achieved by means of a cathodic polarization below the protection potential, namely −0.85 V vs. CSE (CSE, copper-copper sulfate reference electrode) for carbon steel in aerated soil. The presence of alternating current (AC) interference, induced by high-voltage power lines (HVPL) or AC-electrified railways, may represent a corrosion threat for coated carbon steel structures, although the potential protection criterion is matched. Nowadays, the protection criteria in the presence of AC, as well as AC corrosion mechanisms in CP condition, are still controversial and discussed. This paper deals with a narrative literature review, which includes selected journal articles, conference proceedings and grey literature, on the assessment, acceptable criteria and corrosion mechanism of carbon steel structures in CP condition with AC interference. The study shows that the assessment of AC corrosion likelihood should be based on the measurement of AC and DC (direct current) related parameters, namely AC voltage, AC and DC densities and potential measurements. Threshold values of the mentioned parameters are discussed. Overprotection (EIR-free < −1.2 V vs. CSE) is the most dangerous condition in the presence of AC: the combination of strong alkalization close to the coating defect due to the high CP current density and the action of AC interference provokes localized corrosion of carbon steel.