The corrosion resistance of the HRB400 steel rebar alloyed with Cr and rare earths (RE) was systematically studied from two aspects, including the properties of the passive film and the protectiveness of the rust layer. The results presented that Cr increased the corrosion resistance of the steel rebar through stabilizing the passive film and was not involved in the formation of corrosion pits, while the pitting corrosion was initiated by the dissolution of (RE)2O2S inclusion, resulting in the local acidification at the bottom of the corrosion pits, which decreased the stability of the passive film. As for the long-term corrosion process, both Cr and RE decreased the corrosion rate of the steel rebar, which was related to the promotion effect on the formation of α-FeOOH in the rust layer from Cr and RE.