The strength and hydraulic conductivity anisotropy of rock slopes have a great impact on the slope stability. This study took a layered rock slope in Pulang, Southwestern China as a case study. The strength conversion equations of the seriously weathered rock mass were proposed. Then, considering the anisotropy ratio and anisotropy angle (dip angle of bedding plane) of strength and hydraulic conductivity, the deformation and stability characteristics of rock slope were calculated and compared with field monitoring data. The results showed that the sensitivity analysis of strength and hydraulic conductivity anisotropy could successfully predict the occurrence time, horizontal displacement (HD), and the scope of the rock landslide. When the anisotropy ratio was 0.01 and the dip angle was 30°, the calculated HD and scope of the landslide were consistent with the field monitoring data, which verified the feasibility of the strength conversion equations. The maximum horizontal displacement (MHD) reached the maximum value at the dip angle of 30°, and the MHD reached the minimum value at the dip angle of 60°. When the dip angle was 30°, the overall factor of safety (FS) and the minimum factor of safety (MFS) of the rock slope were the smallest. By assuming that the layered rock slope was homogeneous, the HD and MHD would be underestimated and FS and MFS would be overestimated. The obtained results are likely to provide a theoretical basis for the prediction and monitoring of layered rock landslides.