Glass-fiber-reinforced polymer (GFRP) bars have been widely used as a reinforcement in concrete, and glass fibers are susceptible to reacting with alkali ions in concrete pores. Thus, carbon fibers are wrapped around GFRP bars to produce carbon/glass hybrid fiber-reinforced polymer (HFRP) bars so as to promote the durability of the internal GFRP bars in concrete. This work studies the durability of the interfacial bond between GFRP bars/HFRP bars and concrete using pullout tests. The specimens are tested after immersion in distilled water for 0, 150, 255, and 544 days. The failure of the GFRP bar–concrete composite is due to damage to the GFRP bar, while the HFRP bar–concrete composite fails because of a combination of the scratching of the HFRP bar and the failure of the concrete. Both HFRP and GFRP bars are scratched as the immersion period extends. Further, the strength of the bond between the HFRP bar and concrete is lower than that of the bond between the GFRP bar and concrete, while the bond stiffness of the HFRP bar–concrete composite is higher than that of the GFRP bar–concrete composite. The bond strength of the HFRP bar–concrete and GFRP bar–concrete composites increases in the early immersion periods but decreases after 544 days of immersion in water. The retention of the bond strength of the HFRP bar–concrete composite is superior to that of the GFRP bar–concrete composite. The carbon fiber coat is proven to improve the durability of the bond between HFRP bars and concrete in water. A formula for predicting the bond strength of HFRP bar–concrete and GFRP bar–concrete composites in water is also developed. Finally, the modeling results demonstrate that the bond strength retention of the HFRP bar–concrete and GFRP bar–concrete composite is 76% and 46% after 50 years of service time, respectively.