Combining Engineered Cementitious Composites (ECC) with shape memory alloy (SMA) fibers can form SMA fiber reinforced ECC (SMAF-ECC) that has excellent deformation recovery and energy dissipation capabilities. Substituting some of the tensioned concrete with this new composite material, along with steel bars, is expected to significantly improve the seismic energy dissipation and self-recovery capabilities of traditional reinforced concrete components. However, a reliable bond between steel bars and SMAF-ECC is critical to ensure their synergistic performance. In this paper, the failure mode and bond strength of steel bars and SMAF-ECC were studied through direct tensile tests, and the influence factors such as steel bar diameter, bond length, and SMAF volume fraction were analyzed. A bond-slip constitutive model for steel bars and SMAF-ECC was proposed. The results show that the failure mode of the tensile test specimens is mainly steel bar pull-out failure; the incorporation of SMAF significantly enhances the bond strength between the steel bar and matrix; increasing the steel bar diameter and bond length both lead to a decrease in bond strength while increasing the SMAF volume fraction can significantly increase the bond strength. Among them, the specimen with a steel bar diameter of 12 mm, bond length of 70 mm, and SMAF volume fraction of 0.5% has the largest increase in bond strength, reaching 52.96%. The proposed improved bond-slip constitutive model is in good agreement with the bond-slip curve obtained in the experiments, with a determination coefficient of 0.99. The research results of this paper provide an important theoretical basis for promoting the engineering application of SMAF-ECC materials.