Tubing inspection system is a non-destructive inspection system which is disclosed for testing oilfield tubulars, and particularly for testing coiled tubing. The system includes a support housing and an inspection head removably positioned within the support housing and including a thru-bore for receiving coiled tubing. A magnetizing coil is provided for saturating the tubing while passing through the inspection head. The inspection head includes various sensors for detecting defects, including a plurality of flaw detector transducers circumferentially spaced about the thru-bore for outputting a signal indicative of a change in flux leakage, a plurality of wall thickness transducers for outputting a wall thickness signal indicative of a change in density of magnetic flux corresponding to tubular wall thickness, and at least two pairs of diameter transducers preferably lying along a first axis and a second axis perpendicular to the first axis for outputting signals indicative of the radial spacing between the transducers and adjacent outer wall of the tubular. The computer processes electrical signals from the inspection head and displays results to an operator in real time, and is interconnected via one or more electrical conductors with the inspection head.