Corrosion is one of the most critical failure mechanisms for engineering structures and systems, as corrosion damages grow with the increase of service time, thus diminish system reliability gradually. Despite tremendous efforts, effectively carrying out reliability analysis considering the complicated coupling effects for corrosion remains to be a grand challenge. There is a substantial need to develop sophisticated corrosion reliability models and effective reliability analysis approaches considering corrosion damage growth under coupled effects such as mechanical stresses. This paper presents a physics-of-failure model for pitting corrosion with the coupled effect of corrosion environment and mechanical stresses. With the developed model, corrosion damage growth can be projected and corrosion reliability can be analyzed. To carry out corrosion reliability analysis, the developed pitting corrosion model can be formulated as time-dependent limit state functions considering pit to crack transition, crack growth, and fracture failure mechanics. A newly developed maximum confidence enhancement (MCE)-based sequential sampling approach is then employed to improve the efficiency of corrosion reliability analysis with the time-dependent limit state functions. A case study is presented to illustrate the efficacy of the developed physics-of-failure model for corrosion considering the coupled mechanical stress effects, and the new corrosion reliability analysis methodology.