This paper presents an optimization model of inspection and replacement planning for a refinery plant under the consideration of corrosion in terms of cost. The management of corrosion is an essential task for processes that operate over several years without a shutdown. This is because corrosion can cause severe failures by thinning the wall thickness and eventually cause pipes or equipment to burst. However, required safety measures, such as the corrosion management, involve costly inspection and replacement. Therefore, a cost-effective safety-action strategy is proposed in this paper. The developed model presents an optimal combination of steel grade, design wall thickness, inspection number, and inspection timing under a given corrosion rate to minimize the cost of design, inspection, replacement, and failure. Three case studies using sensitivity analyses are applied to three major processes in a refinery plant: a crude distillation unit, visbreaker, and hydrocracker.