The reliability of reinforced concrete structures is frequently compromised by the deterioration caused by reinforcement corrosion. Evaluating the effect caused by reinforcement corrosion on structural behaviour of corrosion damaged concrete structures is essential for effective and reliable infrastructure management. In lifecycle management of corrosion affected reinforced concrete structures, it is difficult to correctly assess the lifecycle performance due to the uncertainties associated with structural resistance deterioration. This paper presents a stochastic deterioration modelling approach to evaluate the performance deterioration of corroded concrete structures during their service life. The flexural strength deterioration is analytically predicted on the basis of bond strength evolution caused by reinforcement corrosion, which is examined by the experimental and field data available. An assessment criterion is defined to evaluate the flexural strength deterioration for the time-dependent reliability analysis. The results from the worked examples show that the proposed approach is capable of evaluating the structural reliability of corrosion damaged concrete structures.