China has gradually increased efforts to explore and develop ultra-deep oil and gas reservoirs in recent years, leading to a growing number of ultra-deep wells. The geological structures of ultra-deep oil and gas reservoirs are complex, with high pressures, high temperatures, and abundant acidic gases, posing a severe threat to the integrity of the tubular elements. Among them, tubing or casing collapse failure caused by high pressure and high temperature is a typical damage mode exacerbated by the corrosive environment of ultra-deep wells. The industry mainly designs pipe collapse pressure according to the American Petroleum Institute (API) standards and the Det Norske Veritas (DNV). This study compares the collapse pressures based on these two standards. Additionally, combining both standards and the finite element method (FEM), an analysis of tubing collapse failure caused by the blockage in ultra-deep wells is conducted. The results indicate that the collapse pressure calculated according to the DNV standard for the same steel grade is higher than that of the API standard. Internal pressure reduction due to tubing plug, degradation of mechanical properties in high-temperature environments, and wall thinning caused by corrosion all contribute to collapse failure.