In response to the difficulty in effectively dealing with grouting defects in corrugated pipes within a suspension prestressed concrete arch bridge, a method for assessing the deterioration in the performance of prestressed concrete girders afflicted with grouting defects was established in the present study. Specifically, a time-varying model of steel strand corrosion within grouting defects was constructed by investigating the corrosion theory of steel strands. In addition, a full-scale numerical simulation model of the long-span prestressed concrete bridge was established based on a practical project. Through the described means, the long-term impact of steel strand corrosion at various locations, lengths, and quantities on the vertical displacement and axial stress of girders was elucidated. The results reveal that in the presence of corrosion affecting 16 steel strands located in the midspan bottom plate, a vertical displacement alteration of 17.55 mm was observed in the midpoint region of the girder over a 30-year period following the bridge’s construction. Further, when considering the combined effects of concrete shrinkage, creep, and the corrosion of 16 steel strands in the midspan bottom plate, the axial compressive stress within the midpoint region of the girder decreased from an initial 6.30 MPa to 0.79 MPa over the same 30-year timeframe post-construction. It was observed that two indicators of vertical displacement and axial stress can be employed to evaluate the performance degradation of prestressed concrete bridge girders with grouting defects. The present findings may provide a reference for the operation and management of bridges with grouting defects.