The generalized model and parameter equation for the internal fracture surface of tensile type anchor cable anchorage section are constructed, and the calculation model of ultimate bearing capacity is derived based on the principle of limit equilibrium. The shape of the internal fracture surface in the anchorage section and the expression of its parameter equation are experimentally studied, and the variation law of the parameter equation and fracture range with the diameter of the anchor cable and confining pressure is analyzed. The parameter equation is substituted into the calculation model to realize the calculation and verification of the model. Through theoretical derivation, a calculation model of ultimate bearing capacity of anchor cable is obtained, which comprehensively considers the average shear strength of anchorage section, the shape of fracture surface, fracture range and confining pressure. The tests show that according to the magnitude of the confining pressure on the anchorage section, the internal fracture surface takes on two shapes: cylindrical and trumpet‐shaped, the parameter equation of trumpet‐shaped fracture surface obeys logarithmic distribution approximately. The coefficient a decreases with the increase of confining pressure but increases with the increase of anchor cable diameter, the constant b increases with the increase of confining pressure but decreases with the increase of anchor cable diameter. The ranges of horizontal and vertical fracture decrease with the increase of confining pressure, and increase with the increase of anchor cable diameter. The deviations between the theoretical calculation and the experimental results are less than 6.5%.