Anti-floating anchor rods have become a key permanent technical measure in underground structure anti-floating engineering due to their excellent geological adaptability, efficient stress dispersion ability, convenient construction technology, and low engineering cost. Based on the anti-floating Engineering for the Foundation Pit of the CRRC Sifang Zhihui Port Phase I Project in Qingdao and on-site pull-out test, the bearing performance and deformation characteristics of six anti-floating anchor rods under multiple cyclic loads were studied through on-site pull-out tests. The influence of different rock conditions and anchorage lengths on the mechanical behaviour of anti-floating anchor rods was analysed, and the applicability of different load displacement models in predicting the ultimate pull-out bearing capacity of anti-floating anchor rods was evaluated. The research results show that under multiple cyclic loads, the anchor rod body exhibits typical hysteresis type load displacement curve characteristics, with a rebound rate range of 31.79% to 42.88%, indicating relatively limited elastic recovery ability. As the number of load cycles increases, the accumulated plastic damage to the rod body significantly intensifies. Research has found that the mechanical properties of anchored rock layers are a key factor affecting the deformation characteristics of anchor rods, and a decrease in the mechanical properties of rock layers can lead to a significant increase in anchor head displacement. The exponential function curve model demonstrated the best accuracy in predicting ultimate loads in this experiment, and its calculated results showed a high degree of agreement with the overall trend of the measured load displacement curve. The research results can provide important theoretical basis and reference value for the optimization design and performance evaluation of anti-floating anchor rods.