The present paper investigates the collapse pressure of cylinders with intermediate thickness subjected to external pressure based on detailed elastic-plastic finite element (FE) analyses. The effect of the initial ovality of the tube on the collapse pressure was explicitly considered in the FE analyses. Based on the present FE results, the analytical yield locus, considering the interaction between the plastic collapse and local instability due to initial ovality, was also proposed. The collapse pressure values based on the proposed yield locus agree well with the present FE results; thus, the validity of the proposed yield locus for the thickness range of interest was verified. Moreover, the partial safety factor concept based on the structural reliability theory was also applied to the proposed collapse pressure estimation model, and, thus, the priority of importance of respective parameter constituting for the collapse of cylinders under external pressure was estimated in this study. From the application of the partial safety factor concept, the yield strength was concluded to be the most sensitive, and the initial ovality of tube was not so effective in the proposed collapse pressure estimation model. The present deterministic and probabilistic results are expected to be utilized in the design and maintenance of cylinders subjected to external pressure with initial ovality, such as the once-through type steam generator.