Due to the similarity in site selection between underground pipelines and power facilities such as high-voltage power lines and urban rail transit power supply systems, underground pipelines are increasingly affected by stray currents generated by power facilities. The impact of AC stray currents on the corrosion rate of pipeline coating defects were simulated and analyzed. The effects of parameters such as AC current magnitude, soil conductivity, internal pressure of the pipeline, stress, distance to grounding electrode, and pipeline radius on corrosion were investigated in the study. The results indicate that when the stress on the pipeline is less than the yield strength, the effect of stress on the corrosion caused by AC stray currents is relatively small. However, after the deformation of the pipeline increases, serious corrosion will be induced by stress. The greater the AC current, the greater the corrosion at the defects of the pipeline coating. The lower the AC frequency, the greater the corrosion at the defects of the pipeline coating. The closer the distance to the grounding electrode, the greater the corrosion at the defects of the pipeline coating. The higher the soil conductivity, the greater the corrosion at the defects of the pipeline coating. The smaller the pipeline radius, the greater the corrosion at the defects of the pipeline coating. These research findings are of significant importance for ensuring the safe operation of oil and gas transportation pipelines under the influence of AC stray currents.