Adhesive anchor rods have the advantages of being able to apply prestress and being easy to construct, and are widely used in many fields such as mining, water conservancy, construction, slopes, tunnels, and foundation pits. To reveal the bearing deformation mechanism of bonded anchor rods, this paper adopts a combination of theoretical analysis, field experiments, and numerical calculations to study the anchoring performance of bonded anchor rods. Firstly, based on the theory of load transfer, the relationship between the axial force, displacement, and shear stress of anchor rods was analyzed. Secondly, pull-out tests were conducted in the cohesive soil layer, and the axial force of the anchor rod was obtained through on-site monitoring. The axial force data was accumulated in sections to obtain the displacement of the anchorage section, and the axial force data was averaged in sections to obtain the shear stress of the anchorage section, indirectly obtaining the shear stress displacement relationship of the anchorage interface. Finally, using iterative calculation methods, analyze the influence of different parameters on the pull-out performance of anchor rods. Research has found that the bearing deformation performance of anchor rods is jointly influenced by the "three media and two interfaces" composed of the rod body, grouting body, and rock soil mass; The ultimate load of anchor rods increases with the length, stiffness, and perimeter of the anchorage section, but its growth pattern is not linear. This study further reveals the bearing deformation mechanism of bonded anchor rods in cohesive soil layers, which can provide valuable reference for engineering applications.