The pull-out failure of the anchorage system is essentially an energy driven instability failure, and the energy evolution law can fully reflect the bearing behavior and failure process of the anchorage system. In order to reveal the energy conversion mechanism and damage degradation process of the deformation and failure process of the fully grouted anchorage system under cyclic loading, this paper provides energy calculation formulas for the input energy, elastic energy, dissipation energy, damping energy, and damage energy of the anchorage system during the pulling process based on the first law of thermodynamics. Combining with the on-site pull-out test of a certain project's fully grouted anchor cable, the energy evolution law inside the fully grouted anchorage system during the pulling process is systematically studied. The results have shown that: 1) With the increase of the number of cycles and pull-out load, the input energy, elastic energy, damping energy, and damage energy all gradually increase. When the pull-out load approaches the ultimate pull-out resistance, the damage energy will show a rapid increase phenomenon; 2) During the drawing process, the change in elastic energy is relatively small, and the proportion of elastic energy remain around 50% (3) The evolution of damping energy and damage energy is a process of trade-off. The proportion curve of damping energy shows an inverted "U" shape, and the proportion of damping energy generally remains below 20%, while the proportion curve of damage energy generally shows a "U" shape, and its variation amplitude with the load ratio is relatively obvious (4) The fully grouted anchorage system will produce significant plastic damage during the pulling process, which is actually a continuous process of damage and gradually deteriorating stiffness. This paper has certain reference significance for the design, construction, inspection, monitoring and early warning of the fully grouted anchorage system.