The bending strain of long distance oil and gas pipelines may lead to instability of the pipeline and failure of materials, which seriously deteriorates the transportation security of oil and gas. To locate the position of the bending strain for maintenance, an Inertial Measurement Unit (IMU) is usually adopted in a Pipeline Inspection Gauge (PIG). The attitude data of the IMU is usually acquired to calculate the bending strain in the pipe. However, because of the vibrations in the pipeline and other system noises, the resulting bending strain calculations may be incorrect. To improve the measurement precision, a method, based on wavelet neural network, was proposed. To test the proposed method experimentally, a PIG with the proposed method is used to detect a straight pipeline. It can be obtained that the proposed method has a better repeatability and convergence than the original method. Furthermore, the new method is more accurate than the original method and the accuracy of bending strain is raised by about 23% compared to original method. This paper provides a novel method for precisely inspecting bending strain of long distance oil and gas pipelines and lays a foundation for improving the precision of inspection of bending strain of long distance oil and gas pipelines.