Reinforcement corrosion is a common problem in reinforced concrete infrastructure today, and it is expected to increase in the future. To simply replace the corroded structures with new ones requires large resources, both in financial and environmental terms. Therefore it is important that existing structures are used to their full potential, also after the onset of corrosion. This paper presents a reliability study of the anchorage capacity of a reinforced concrete beam including reinforcement corrosion. The sensitivity of the different input parameters is also studied. As expected, the results show that the reliability is reduced with corrosion; the magnitude depends to a large extent on the modelling uncertainty used for the bond model for corroded reinforcement. The sensitivity analysis shows an influence of corrosion also on the sensitivities of the input parameters, which is expected based on the properties of the underlying bond model. This paper demonstrates that probabilistic evaluations give valuable insight of the reliability, which can be used to prolong the service-life of existing infrastructure and save both money and the environment.