The stability of the arteries under in vivo pressure and axial tension loads is essential to normal arterial function, and lumen collapse due to buckling can hinder the blood flow. The objective of this study was to develop the lumen buckling equation for nonlinear anisotropic thick-walled arteries to determine the effect of axial tension. The theoretical equation was developed using exponential Fung strain function, and the effects of axial tension and residual stress on the critical buckling pressure were illustrated for porcine coronary arteries. The buckling behavior was also simulated using finite-element analysis. Our results demonstrated that lumen collapse of arteries could occur when the transmural pressure is negative and exceeded a critical value. This value depends upon the axial stretch ratio and material properties of the arterial wall. Axial tensions show a biphasic effect on the critical buckling pressure. The lumen aspect ratio of arteries increases nonlinearly with increasing external pressure beyond the critical value as the lumen collapses. These results enhance our understanding of artery lumen collapse behavior.