Stability analysis of a corrugated ring subjected to uniform external pressure is under consideration. Two main approaches to solving this problem are analyzed. The equivalent bending stiffness approach is often used in engineering practice. It is based on some plausible assumptions about the behavior of a structure. Its advantage is the simplicity of the obtained relations; the disadvantage is the difficulty in estimating the area of applicability. In this paper, we developed an asymptotic homogenization method for calculating the critical pressure for a corrugated ring, which made it possible to mathematically substantiate and refine the equivalent bending stiffness approach. To evaluate the results obtained using the equivalent stiffness approach and asymptotic homogenization method, the imperfection method is used. The influence of the corrugation parameters on buckling pressure is analyzed.