A corrosion inhibitor was widely used to improve corrosion resistance of steel bar in reinforcement concrete structure. A kind of multi-component corrosion inhibitor, which is composed of organic and inorganic substances, was developed in this research. This corrosion inhibitor was comparatively studied with various other inhibitors by using open circuit potential (OCP), electrochemical impedance spectroscopy (EIS), and cyclic voltammetry (CV) methods. The results show that the OCP values and charge transfer resistance (calculated by EIS curves) of the multi-component corrosion inhibitor remain, respectively, as high as −0.45 V and 932.19 kΩ·cm−2 after 60 days immersion, which are significantly better than other groups. Wide passivation interval and various peaks in cyclic voltammograms (CV) were applied to analyze the mechanism of adsorption (organic substance) and oxidation–reduction reactions (inorganic substance). The functional groups -OH in triethanolamine (TEA) and tri-isopropanolamine (TIPA) bond to the steel bar surface quickly, behaving as an adsorbent of organic substance in early age. An additional protective precipitate related to the reactions of Fe3+ was formed by inorganic substances (Fe2(MoO4)3 and FePO4), which is consistent with the EIS results and equivalent electrochemical circuits. As an eco-friendly substitute, multi-component corrosion inhibitors possess similar or even better protecting effects on steel bars in comparison to calcium nitrite. In addition, the concept of a “multi-functional protective film” was proposed, providing a new insight to achieve modified anti-corrosion capacity of inhibitors.