A pipe trim assembly for trimming a pipe extending through a wall includes a panel that has a pipe opening extending through the panel for having a pipe extending therethrough. The panel has a plurality of connection openings each extending through the panel. Fasteners can be extended through the connection openings for fastening the panel to an exterior wall of a building through which the pipe extends. A gasket is coupled to the panel and the gasket extends around the pipe opening. Moreover, the gasket surrounds the pipe when the pipe is extended through the pipe opening. A frame is removably attachable to the panel such that the frame covers the plurality of connection openings in the panel to enhance the appearance of the panel.