The state-of-the-art in modelling the influence of corrosion damage on the ultimate strength of aged steel-plated maritime platforms is reviewed. This critical review outlines the corrosion mechanisms and fundamentals of steel-plated structures in the marine environment. Recent developments in mathematical modelling strategies, in association with in situ thickness measurements, have significantly enhanced the qualitative understanding of the corrosion processes at various locations within marine structures. Based on the corrosion prediction, both experimental and numerical methods have been adopted to realistically assess the ultimate strength of such corroded steel ship structures, in order to ultimately improve the survey and repair strategies.