As an important method for connecting structural members, anchor bolts have been installed in many situations. Therefore, accurate evaluation of the pull-out strength of anchor bolts has always been an important issue, considering the complicated actual installation conditions and the problem of aging deterioration of the structural members. In general, the patterns of pull-out failure of anchor bolts can be classified into three types: adhesion failure, cone failure, and bolt break. However, it sometimes shows a mixed fracture pattern, and it is not always easy to predict the accurate pull-out strength. In this study, we attempted to evaluate the pull-out strength of anchor bolts under various installation conditions using SPH, which can analyze the crack growth process in the concrete. In particular, the anchor bolt-concrete interface model was introduced to SPH analysis in order to consider the bond failure, and it was confirmed that various failure patterns and the load capacity could be predicted by proposed SPH method. After that, the influence of several parameters, such as bond stress limit, anchor bolt diameter, and the anchor bolt embedment depth on the failure patterns and the load capacity, were investigated by numerical calculation. Furthermore, several useful suggestions on the pull-out strength of anchor bolts under improper installation conditions, such as the ends of members for the purpose of seismic retrofitting, are presented.