The use of polymers in the gas and oil transportation industry is nowadays widely spread. One of their main uses is as lining materials for oil and gas pipelines. However, there is a number of ways in which polymeric liners can fail in service after a certain time. The present study specifically concerns with the buckling collapse of liners induced by external pressure. The objective of this work is to evaluate an advanced constitutive model, namely the Three Network Model (TNM) for the simulation of the mechanical response of HDPE liners undergoing buckling collapse. In order to determine the input parameters for the model, a series of tensile and compressive uniaxial tests were conducted. Simulations were performed using Finite element modeling (FEM) analysis with the ABAQUS 6.10 package. The suitability of the model for this particular application was assesed by contrasting the simulation and the experimental results of the diametral compression test. The complex strain rate, temperature and pressure dependent mechanical response of HDPE was analyzed by modeling the dynamic event as an increasing volume of fluid entering the gap cavity between liner and host pipe. The model predictions allowed to stablish a mathematical relationship between the depresurization velocity of the tubes and the resulting collapse pressure, which can be used to improve the current design guidelines for plastic liners.