Corrosion induced by sulfate-reducing bacteria (SRB) is an important cause of damage and failure of pipeline materials. It is of great scientific significance and economic value to study the mechanism of microbial corrosion and the control measures. In this work, the failure cases of microbiologically influenced corrosion (MIC) on oil &gas pipelines both in and outside China were firstly cited to illustrate the serious damage effect of SRB on pipelines. Formation process and structural characteristics of the biofilm on the surface of pipes were introduced and the localized corrosion mechanism of pipes under the action of biofilm was also sorted out, especially the electrical microbially influenced corrosion theory and relevant corrosion predicting model were discussed in depth. According to the operation conditions and the simulation experiment result, SRB could directly acquire electron from Fe by its metabolism resulting in localized corrosion or much severer corrosion even though pipeline was under normal cathodic protection. The weld and its adjacent heat affected zone are the weak area of corrosion perforation. Finally, the latest prevention philosophy and technologies against SRB of oil &gas pipelines were summarized, the existing problems and development direction were pointed out in order to provide valuable reference for more effective method of MIC prevention.