With the rapid development of geotechnical anchoring technology, the deformation and failure mechanism of anchoring systems remains a current hot topic. Given the significant superiority of PFC software in simulating discontinuous phenomena such as the development, expansion, and instability of rock and soil fractures, a particle flow calculation and analysis model for a fully grouted anchorage system was established based on PFC 5.0 software. The micro parameters of the model were calibrated based on indoor and on-site pull-out test results, and the progressive failure characteristics of the fully grouted anchorage system under pull-out load were systematically summarized from five aspects: displacement field evolution law, stress field evolution law, crack propagation law, constitutive change law, and energy change. This research has shown that PFC can be well applied in the simulation analysis of discrete media such as fully grouted anchorage systems. The variation patterns of displacement field, stress field, cracks, composition, and energy within the anchorage system can all reflect its load-bearing performance.