With the advancement in the concrete technology, the application of precast concrete elements in the buildings and road infrastructures is increasing very rapidly. One of such applications is the use of precast hollow concrete elements in the bridge construction. As the conventional steel reinforcement is highly susceptible to corrosion, the use of non‐corrosive reinforcement in precast hollow concrete piers and piles of bridges could be a good option for the durability of bridge structures., In this regard, hollow concrete columns reinforced with fiber‐reinforced polymer (FRP) have been considered as a potential solution to overcome the structural deterioration due to corrosion. In the past, limited studies have been carried out on hollow concrete columns reinforced with FRP, consequently, the behavior of such columns is not fully understood. Therefore, to comprehensively evaluate the behavior of hollow concrete columns for various design parameters, a finite element model (FEM) was developed in this study using the commercial tool “Abaqus”. The model was developed and verified based on the experimental results of studies conducted by two independent research groups on circular concrete columns. The proposed model well predicted the peak loads with an error less than 10% and the failure modes of the tested columns. The verified constitutive relation and establishing method were further employed to conduct parametric evaluations to observe the influence of different parameters, such as inner‐to‐outer diameter ratio, longitudinal reinforcement ratio, lateral reinforcement ratio, and concrete strength, on the behavior of hollow concrete columns. Parametric analyses show that reduced inner‐to‐outer diameter ratio and larger longitudinal or lateral reinforcement may lead to higher peak load and confined concrete strength. Finally, based on the experimental and FEM evaluations, the strength prediction equations were developed for the analysis and design of hollow concrete columns reinforced with GFRP bars.