Corrosion of reinforced concrete (RC) structures constitutes a critical form of environmental deterioration and may significantly increase the vulnerability of old non‐seismically designed buildings during earthquake events. This study proposes a probabilistic framework to evaluate the influence of corrosion deterioration on the lifetime seismic fragility of low‐ductility RC frame buildings. In contrast to limited past literature on this topic, the proposed framework offers novel contributions. This is one of the first study to consider potential alteration in failure modes of building components (from flexure to flexure‐shear) due to the time‐dependent aging process. Numerical models validated with past experimental test results are utilized to capture these failure modes, which are particularly relevant for low ductility RC frames designed prior to the introduction of modern seismic codes. Secondly, given the gamut of uncertainties associated with the corrosion process, this study develops condition‐dependent seismic fragility functions independent from an assumed exposure scenario, as often done in literature. These functions can be easily adopted by design engineers and stakeholders for prompt fragility assessment, and subsequent decision‐making without the need for computationally expensive finite element (FE) model runs. The proposed framework is demonstrated on a benchmark three‐story RC frame that considers time‐varying seismic demand models and damage state thresholds while accounting for the uncertain corrosion deterioration process and ground motion record‐to‐record variability.