Overconsolidated (OC) soils may develop a low or negative pore pressure during PCPT. Thus, it is challenging to develop an “on-the-fly” estimation of hydraulic conductivity from PCPT results. This study presents a method to estimate the hydraulic conductivity of OC soils from PCPT results based on a previously developed method for normally consolidated (NC) soils. To apply the existing method, PCPT pore pressure in OC soils is adjusted by using a correction factor. An equation for the correction factor is derived based on the concepts of critical state soil mechanics, cavity expansion, and consolidation theories. Then, it was reformulated so that traditional cone indices could be used as input parameters. It is shown that the correction factor is mainly influenced by the cone tip resistance, pore pressure, and the rigidity index. The comparison of predicted, which is based on corrected pore pressure and measured hydraulic conductivity showed a good match for four well documented data sets. With the findings of the study, it is expected that an “on-the-fly” estimation of hydraulic conductivity of overconsolidated soils is possible.