The strength of an anchor bolt in concrete structure under pull-out load is usually designed by three possible failure modes such as fracture of anchor bolt, cone failure of concrete and bond failure between anchor bolt and concrete. In general, the design load is considered the smallest load corresponding to the aforementioned failure mechanisms. However, unexpected failure often occurs in the anchorage zone due to the complex failure or the change of failure condition. Therefore, it is important to develop the accurate analysis method of ultimate load bearing capacity of the anchor bolt. In this study, we conducted an analytical study using Adaptive Smoothed Particle Hydrodynamics (ASPH) in order to simulate the failure process of anchorage zone and discussed the effect of embedment depth of anchor bolts on their ultimate strength.