The corrosion of rebars in reinforced concrete structures impacts their geometry (diameter and ribs) and mass, damages the concrete at the interface between the two materials, deteriorates the bond strength, and causes the cracking of the concrete cover. In the following study, a 2D numerical model of the pull-out test is presented in order to study the impact of corrosion on the bond strength. Several parameters are investigated: the embedment depth, the rebar’s diameter, and the width of the concrete cover. The model reproduces the slip of the rebar and the failure through the splitting of concrete. It integrates an interface between the two materials and a concrete damage model that simulate the deterioration of concrete in compression and tension. The results obtained are validated with experimental data from the literature. Moreover, a parametric study is carried out to determine the impact of the embedment depth, the diameter of the rebar, and the concrete cover on the bond strength. The present study confirms that a greater embedment depth increases the pulling load. The study also confirms that the rebar’s diameter impacts highly the loss of bond between the rebar and the concrete cover. Lastly, the final main result of this paper is that the width of the concrete cover slows the loss of bond strength between the two materials.