The corrosion rate of reinforcing steel is an important factor to determine the corrosion propagation of reinforced concrete structures in the chloride-laden environments. Since the corrosion rate of reinforcing steel is affected by several coupled parameters, the efficient prediction of which remains challenging. In this study, a total of 156 experimental data on corrosion rate from the literature were collected and compared. Seven empirical models for predicting the corrosion rate were reviewed and investigated using the collected experimental data. Based on the investigations, a new empirical model is proposed for predicting the corrosion rate in corrosion-affected reinforced concrete structures considering parameters including concrete resistivity, temperature, relative humidity, corrosion duration and concrete chloride content. The comparison between the experimental data and those predicted using the new empirical model demonstrates that the new model gives a good prediction of the corrosion rate. Furthermore, the uncertainty and probability characteristics of these empirical models are also investigated. It is found that the probability distributions of the model errors can be described as lognormal, normal, Weibull or Gumbel distributions. As a result, the new empirical model can provide an efficient prediction of the corrosion rate of reinforcing steel, and the model error analysis results can be utilized for reliability-based service life prediction of reinforced concrete structures under chloride-laden environments.