Degradation of bond strength due to corrosion of steel strands is of great importance for serviceability of prestressed concrete structures. An analytical model is proposed to demonstrate the effect of corrosion of steel strand on reduction of bond strength. Corrosion expansion force generated by steel strand corrosion before and after corrosion cracking is firstly estimated. Then, the reduced gripping effect of the concrete, change of friction coefficient between the corroded strand and reduction force on the bearing face are considered in calculating the pre-rib extrusion force. Finally, the enhancement of bond strength due to transverse confinement of stirrups is considered and the ultimate bond strength of corroded steel strand is calculated. Comparison of results between the prediction and experimental result shows the proposed model can be used to reasonably evaluate the bond strength. The prediction result of the bond strength model is affected by the degree of strand corrosion, but almost not by the drawing method.