Two isoxazolidine derivatives namely 5-(benzo[d][1,3]dioxol-5-ylmethyl)-2-tetradecyl isoxazolidine (BDMTI) and 5-(4-hydroxy-3-methoxybenzyl)-2-tetradecyl isoxazolidine (HMBTI) were synthesized and characterized using FTIR, C-NMR, H-NMR, and elemental analysis. The synthesized compounds were evaluated as corrosion inhibitors for API 5L X60 steel in 1 M HCl in the temperature range of 25–60 °C using gravimetric and electrochemical (Electrochemical Impedance Spectroscopy (EIS), Potentiodynamic Polarization (PDP) and Linear Polarization Resistance (LPR)) techniques. The effect of addition of a small amount of iodide ions on the corrosion inhibition performance of the compounds was also assessed. In addition, quantum chemical calculations and Monte Carlo simulations were employed to correlate the electronic properties of the compounds with the corrosion inhibition effect as well as to evaluate the adsorption/binding of the inhibitor molecules on the steel surface. Experimental results show that the two compounds inhibited the corrosion of carbon steel in an acid environment with HMBTI showing superior performance. The corrosion inhibition effect was found to be dependent on the inhibitors' concentration and temperature. Addition of iodide ions improves the inhibition efficiency considerably due to co-adsorption of the iodide ions and the inhibitors on the steel surface which was competitive in nature as confirmed from the synergistic parameter (S₁) which was less than unity at higher temperature. Experimental and theoretical results are in good agreement.