Slug flow through pipe can lead to pressure surge, erosion, and corrosion in pipe thereby pipe thinning in the long run. Continuous pipe thinning results in cracks in the pipe which have been reported as the cause of several fatal accidents in literature. In this article, analysis is reported first for slug characteristics which include slug frequency, slug velocity, and slug length. This is followed by a literature review on how these slug characteristics influence different kinds of stress, erosion, and corrosion of pipe. At the end a detailed discussion is provided on non-linear analysis to identify slug flow through industrial pipe and hence to avoid associated disasters.