In order to investigate the fatigue property degradation characteristic of prestressed concrete beam with local corrosion-induced fracture of steel strand, a total of 6 prestressed concrete beams were designed and fabricated. Electrochemical accelerated corrosion was applied to 4 of them at different locations of steel strand rust failure, and static and fatigue loading tests were carried out. The fatigue degradation mechanism and mechanical degradation characteristic of prestressed concrete beams destabilized by breaking steel strand were studied, and the crack propagation, load-deflection relationship and fatigue life of concrete were analyzed. The results show that, the stiffness degradation and crack propagation characteristic of beam with breaking steel strand at the position of L/4 are obviously different from those of non-corroded beam and beam with breaking steel strand at the position of end. The static load and fatigue properties of prestressed concrete beams with breaking steel strand are reduced. When the corroded position is located at the end of beam, the secondary anchorage formed by steel strand and concrete can provide a positive effect on the stiffness of the beam.