A nonlinear finite element model (FEM) of the corrosion of steel reinforcement in concrete has been successfully developed on the basis of mathematical analysis of the electrochemical process of steel corrosion in concrete. The influences of the area ratio and the Tafel constants of the anode and cathode on the potential and corrosion current density have been examined with the model. It has been found that the finite element calculation is more suitable for assessing the corrosion condition of steel reinforcement than ordinary electrochemical techniques due to the fact that FEM can obtain the distributions of potential and corrosion current density on the steel surface. In addition, the local corrosion of steel reinforcement in concrete is strengthened with the decrease of both the area ratio and the Tafel constants. These results provide valuable information to the researchers who investigate steel corrosion.