This paper presents a CO2 corrosion mechanistic model specifically developed for the horizontal multiphase slug flow. It covers electrochemical reactions at the steel surface, transport of reactive species between the metal surface and the bulk, and the chemistry in the bulk solution. The special mass transfer correlations in slug flow were applied in this model. The model can predict the corrosion rate in horizontal slug flow. Comparison with laboratory experimental corrosion results revealed that it could help the understanding of the internal corrosion of horizontal pipeline under slug flow condition. Furthermore, this model shows that the Froude number and the slug frequency are two important factors influencing the internal corrosion rates under multiphase slug flow. This provides an insight for the pipeline design and production under multiphase slug flow.