Mechanical properties of glass fiber reinforced polymer (GFRP) composites degrade under the combined effects of mechanical load and alkaline solution, affecting the service ability and safety of GFRP reinforced structures. In this study, GFRP bars were loaded with cyclic tension at different stress levels and immersed in alkaline solution for days to investigate the tensile properties and degradation law of GFRP bars. The degradation mechanisms were studied at micro-, meso- and macro-scales with scanning electron microscopy (SEM) and three-dimensional X-ray microscopy, respectively. The results show that tensile strength and degradation rate of GFRP bars are mainly dependent on the different stress levels and alkaline solution. When stress level is higher, the tensile strength degrades more quickly, especially in the early stages of soaking. With the loading and immersion time, the elastic modulus and Poisson’s ratio increase at first and then decrease. The ultimate tensile strain is relatively stable, whereas the ultimate elongation is significantly reduced. A strength-degradation model was proposed and fit well with experimental data, demonstrating that the model can be applied to predict tensile strength degradation under combined effects of the load and alkaline solution.