Tanks play an important role in storing crude oil. Therefore, the maintenance and service life of tanks are very important for oil companies. In this regard, knowledge on the state of the critical conditions of various existing defects, such as cracks and pitting corrosion defects, can play an essential role in providing a better service to these huge metal structures. In the present research, the basic theories relating to crack defects were discussed. Then, an oil reserve in one of the island states of the country was modeled and analyzed by considering different types of defects using Finite Element (FE) simulation. Next, the critical dimensions of cracks and corrosion holes were identified in a number of cases. Eventually, the Taguchi Approach (TA) was used to investigate the effect of different parameters related to the various defects, such as length, depth and diameter, on the maximum stress. The results indicated that the effect of the crack and pitting corrosion depth is superior to the effect of the length and diameter for defects of crack and pitting corrosion, respectively. © 2020 by the authors.