Flexible pipes are widely used in the process of offshore oil and gas development. External hydrostatic pressure caused by marine environment will cause collapse failure of flexible pipes. Spiral wound steel strip structure is used to improve the resistance of external pressure. In this paper, the collapse behavior of steel strip reinforced flexible pipeline is studied by prototype collapse test and numerical simulation. The validity of the finite element model is determined by the consistency of the experimental and numerical simulation results. Based on this model, the relevant parameters are studied. The results show that the collapse pressure can be increased with the increase of friction coefficient between layers. When the yield limit of steel strip is less than 100 MPa, the collapse resistance of flexible pipe reduces. The increase of yield limit of steel strip after 200 MPa has little effect on the collapse resistance of steel strip reinforced flexible pipeline, so the steel strip structure with lower strength can be selected based on the principle of economy.