The invention discloses a compensator with guiding corrugated pipes. The compensator comprises the corrugated pipes, connecting pipes connected to the two ends and guide plates. Strip-shaped guiding grooves which are parallel to the axes of the corrugated pipes are formed in the guide plates. A plurality of pin rolls are evenly and fixedly connected to the outer wall circumferences of the connecting pipes. The pin rolls are stepped shafts, and the upper ends of the pin rolls are provided with screws. The strip-shaped guiding grooves of the guide plates are arranged on the screws of the pin rolls in a clearance-fit and sleeved mode. According to further improvement of the compensator, gaskets and nuts are arranged on the screws of the pin rolls in the structure. The compensator has the advantages that the guiding structure is simplified, guiding supports do not need to be constructed for pipelines at the two ends of the compensator and the construction cost is obviously reduced.