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Reinforcement corrosion is one of the major causes of deterioration of reinforced concrete structures exposed to aggressive environments. Deterioration caused by reinforcement corrosion reduces the serviceability and load bearing capacity of the concrete structures to an extent of serious structural failure. Consequently, this increases the resources required for the maintenance and rehabilitation over time. Due to uncertainties associated with the performance deterioration, it is difficult to accurately assess the residual strength and remaining useful life of corrosion damaged concrete structure. Therefore, the reliability-based performance assessment techniques based on stochastic deterioration modelling has significant potential for assessing the present and future performance of these structures. This can be ultimately helpful in sustainable and cost-effective infrastructure management. This research presents new analytical methods for evaluating concrete crack evolution, estimating rebar bond strength degradation and predicting residual flexural strength of concrete structures affected by reinforcement corrosion. At first, cracking in cover concrete due to reinforcement corrosion is investigated by using rebar-concrete model and realistic concrete properties. The bond strength evolution of the corroded rebar is then evaluated at different stages of cover cracking by considering adhesion, confinement and corrosion pressure acting at the bond interface. Furthermore, the residual flexural strength of concrete beams is predicted with consideration of bond failure between the rebar and concrete. The gamma process is adopted for stochastic modelling of concrete crack growth and strength deterioration with uncertainties. Then, a time-dependent reliability analysis is undertaken to evaluate the probability of failure in serviceability and load carrying capacity of corrosion damaged concrete beams. Optimal repair planning during the service life is also determined by balancing the cost for maintenance and the risk of structural failure. Finally, the results evaluated from the proposed methods are examined by available experimental and field data and the applicability is demonstrated by numerical examples. The results obtained show that the proposed methods are capable of evaluating the performance and can also provide risk-cost balanced repair strategy during the lifetime of corrosion damaged concrete structures. The knowledge gained from this research contributes to the better understanding of the mechanics of performance deterioration associated with reinforcement corrosion. Furthermore, the methods presented in this study could be helpful in assessing the actual state of performance deterioration and making decision regarding the optimal repair.