The invention discloses a sleeved type external pressure corrugated compensator. One end of a long end pipe communicates with one end of a short end pipe. The outer wall of the long end pipe is sleeved with small corrugated pipes. Every two adjacent small corrugated pipes are fixedly connected through a first connector. The first connectors arranged on the right sides of the small corrugated pipes are fixedly connected with the right ends of first limiting pipes. The small corrugated pipes are sleeved with the first limiting pipes. The small corrugated pipes are sleeved with small outer sleeve pipes. The outer walls of the small outer sleeve pipes are sleeved with large corrugated pipes. Every two adjacent large corrugated pipes are fixedly connected through a second connector. The second connectors arranged on the right sides of the large corrugated pipes are fixedly connected with the right ends of second limiting pipes. The large corrugated pipes are sleeved with the second limiting pipes. The large corrugated pipes are sleeved with large outer sleeve pipes. The total length of the small corrugated pipes is larger than that of the large corrugated pipes. According to the sleeved type external pressure corrugated compensator, the axial compensation quantity is increased, axial rigidity is lowered, and thrust produced during movement is reduced.