A comprehensive mechanical behavior model of corroded rebar including an assessment of the variability and the correlation between the parameters is essential for assessing the residual loading capacity of corroded reinforced concrete structures. Twenty-nine samples of corroded steel bars from a demolished bridge located in the eastern part of Shenzhen were tested. The rebar was tensile loaded by MTS300. The nominal strength and actual strength of the corroded rebar were calculated to assess the effects of corrosion. The test data and reanalyzed published test results for naturally and artificially corroded steel bars were further evaluated by linear regression analysis. The variability and correlation coefficients were compared for two types of corrosion methods. It was confirmed that yield strength, ultimate strength, and dimensionless elongation decreased with an increase in the mass loss. A strong correlation was observed between yield strength and ultimate strength for the corroded rebar samples, while the correlation was moderate between strength, dimensionless elongation, and mass loss. A statistical analysis indicated no obvious difference between the results for the naturally and artificially corroded steel bars.