Application of low-nickel stainless steel anchor was one of the economical and effective methods to solve the durability problem of slope engineering. At present, there are scarce reports about corrosion characteristics of low-nickel stainless steel in various underground waters. For investigating the corrosion initiation of stainless steel anchor bolt in corrosive underground water, the effect of SO42−, HCO3− and pH value on the corrosion behavior of 201 low-nickel stainless steel was studied via electrochemical methods. As the SO42− concentration, HCO3− concentration or pH value increase, the open circuit potential and polarization resistance increase, while the double-layer capacitance, donor density and passive current density decrease. The results indicate that corrosion is inhibited by SO42−, HCO3− and OH− in underground water. In addition, the inhibitive efficiency of SO42− and HCO3− increases with the SO42− and HCO3− concentration.