Anchors are a building material. Material corrosion is one of the main reasons for anchor failure or function degradation. This paper discusses the impact of corrosion on the bond mechanism of the strand-cement system using the pull-out test of corroded steel strands. According to the test results, the curve of the bond stress-slip relationship of the corroded strand assembly is drawn. The bond mechanisms of corroded and non-corroded steel strands are compared and analyzed. In the experimental group, sodium chloride of 5% solution is added to simulate the actual effect of the corrosion of ground anchors. According to the test results, chloride ions accelerate the development of corrosion as time passes. The bond stress-slip curve can be divided into four stages: elastic stage, slip stage, lower stage, and residual stage. When the strand is slightly rusted, the ultimate bond strength of the corroded strand is higher than that of the non-corroded strand. With the deepening of corrosion on strands, the ultimate bond strength decreases gradually. Two prediction equations are established for the bond strength of strand assemblies under different conditions, and predicted values agree with those tested results.