Corrosion is important reason for the deterioration of the bond between reinforcing steel and the surrounding concrete. Corrosion of the steel mainly depends on its microstructure. Smooth S220, ribbed S420 and S500 grade reinforcing steels were used in the experiments. Samples were subjected to accelerated corrosion. Pullout tests were carried out to evaluate the effects of corrosion on bond strength of the specimens. S500 grade steel which has tempered martensite microstructure showed lower corrosion rate in concrete than S220 and S420 steels which have ferrite+perlite microstructure. S500 grade steel showed highest bond strength among the other steel grades in concrete. Bond strength between reinforcing steel and concrete increased with increase in the strength of steel and concrete. It also depends on whether reinforcing bar is ribbed or not.