Application of extreme value statistics to corrosion is reviewed. It is emphasized that the concept of corrosion probability is important for a quantitative evaluation of corrosion failure and its prediction, especially for localized corrosion. Extreme value statistics is quite useful for assessing the maximum pit depth and/or the minimum time for crack generation. The maximum pit depth depending on the surface area can be evaluated by using the Gumbel distribution with the concept of return period. A standardized procedure is proposed for estimating the maximum pit depth. Examples of corrosion failure analysis using extreme value statistics, which were reported mainly in Japan, are shown. Accumulated experiences suggest that an appropriate classification of data based on the corrosion mechanism is required before applying extreme value analysis.