Abstract: Based on bond-based Peridynamics, diffusion bonds were applied to describe the dissolution corrosion behavior of materials, and mechanical bonds were used to characterize the structure failure process under stress. A numerical model was developed to simulate the corrosion evolution and crack propagation processes of a structure, considering its corrosion-stress coupling effect. A method for identifying corrosion damage and mechanical damage was introduced upon the chemical corrosion and failure processes of the structure. The failure morphology, structural damage parameters, and mechanical properties of steel components were analyzed under the influence of loading rate, of pre-corroded hole radius and, of corrosion microsolubility. The results indicate that the loading rate affects the corrosion area and yield strength of steel components by altering the failure time. A lower loading rate leads to more severe corrosion damage, which significantly affects yield strength. Increasing the pre-corroded hole radius initially decreases and then increases the rate of decay in yield strength. A smaller hole radius prolongs corrosion, resulting in a substantial decrease in yield strength, while a larger radius expands the corrosion area, accelerating damage and further reducing strength. Corrosion microsolubility affects the yield strength by altering the corrosion rate and duration of a structure. When the pre-corrosion hole diameter is 4 mm, the loading rate is v=5×10⁻⁹ m/∆t_c, and the corrosion micro-dissolution coefficient increases to 23.7×10⁻⁴ m⁻¹·s⁻¹, corrosion damage becomes dominant over mechanical damage during failure, leading to a rapid decline in material strength.