The corrosion evolution mechanism of N80 tubing steel in 8 MPa supercritical CO2 and 0.1 MPa H2S environment was investigated. The results show that although the corrosion rate of N80 steel decreases with the prolonged corrosion time, it still maintains a high level of about 1.06 mm/y after a long period of 360 h. As the corrosion progresses, the corrosion products change from FeS to a mixture of FeS and FeCO3. The corrosion form of N80 steel changes from uniform corrosion to localized corrosion. The origin credited for localized corrosion is the detachment of large particles of FeS in the early corrosion stage. A double-layer film consisting of an outer layer of FeS and an inner layer of FeCO3 forms in the area of corrosion pits after a prolonged period of corrosion, which provides protection for the substrate, thereby causing the decrease of localized corrosion rate of N80 steel.