During the entire life cycle of rock and soil anchors, owing to the influence of adverse factors such as the working environment, load change, and anchor performance degradation, the working load of the anchor will continue to increase and the mechanical properties will continue to deteriorate, which significantly affects the safety and stability of rock and soil anchors. Therefore, this study focuses on the deformation and failure characteristics of anchors under loading and corrosion conditions by means of indoor simulation tests under laboratory conditions. The results indicate the following. (1) There are obvious cracks on the surfaces of specimens 2# and 10#. In the two groups of specimens, the corroded bolt surface exhibited a corrosion phenomenon. This indicates that the corrosion environment conditions cause a certain degree of damage to the anchored rock mass. (2) Under the same gradient load condition, three observable cracks were found in the 10# anchorage specimens and one observable crack was found in the 2# anchorage specimens. Therefore, it is clear that the damage degree of the anchor increases with an increase in the corrosion time. (3) Under the condition of corrosion environment, the strain in the lower part of the specimen is generally greater than that in the upper part of the specimen, and the failure of this group of specimens in the loading process is mostly splitting failure, which is basically generated along the trend of the strain nephogram, and shear failure occurs with the extension and diffusion of cracks.