A new theoretical model was proposed to calculate the burst pressure of steel strip reinforced flexible composite pipes (steel strip PSP) based on the thin wall cylindrical shell theory and the squeeze pressure expression between layers was derived. The radial displacement discontinuity of pipe wall in pipe-end fitting joint area takes in account in this model which could result in Stress Concentration Effect (SCE) in reinforcement layers. The SCE is caused by swaging end fitting clamped tightly at the end of the pipe. The result of the hoop strain in the joint area calculated by this model is greater than the one calculated by the classic elastic model, which leads to relative conservative burst strength of the pipe. The hoop stress variation via internal pressure on innermost reinforcement layer is introduced to predict the burst strength of the pipe. As the stress in the joint area reaches its ultimate strength, the strain on the same layer in the point far away from this area (x→∞) is extracted and the corresponding internal pressure is obtained as the burst strength of the pipe. The calculated data from two models were compared with the experiment results and the proposed new model showed better accuracy than the classic elastic model. Final additional parametric studies were conducted, while the effect of the pipe diameter, the winding angle, the number and thickness of the reinforcement layer on the burst strength of the pipe were studied. Useful conclusions were drawn for the design and application of the steel strip PSP in offshore engineering.