The metallic components are normally subject to such structural anomalies as corrosion and cracks, etc. during fabrication and practical service. These flaws have posed a severe threat to structural integrity and safety of engineering apparatus. In consequence, it is imperative to non-invasively inspect and evaluate the metallic components via efficient non-destructive evaluation techniques. Based on the conventional structure of the eddy current probe, in this paper a ferrite-cored funnel probe is proposed in an effort to further enhance the testing sensitivity in pulse-modulation eddy current testing of surface and back surface corrosion. The analytical model and closedform expressions of testing signals from the proposed probe have been established for investigation of the testing performance. Following the identification of the higher sensitivity of the proposed probe to surface and back surface corrosion in metallic components, a series of experiments are conducted. Through the experiments, the validity of the conclusion of simulation is affirmed. Further experiments demonstrate the enhancement of testing sensitivity in respect to localized defect on surface and back surface.