A new two-layer anchor-infill assembly structure for the post-installed anchor is introduced with the analytical model to simulate its pull-out deformational response. The post-installed anchor is such that used in strengthening techniques for reinforced concrete structures. The properties of the infill material used for post-installed anchor are characterized by nonlinear interfaces. Because of the mechanical properties of the infill layer the existing pull-out model of deformed bars is not applicable in this case. Interfacial de-bonding is examined using energy criterion and strength criterion. The effect of the interface properties such as stiffness and strength on the pull-out behavior of a post-installed anchor is investigated. Using sensitivity analysis, the effect of these parameters on load-displacement curve, shear stress distribution, de-bonded length and damage to the surrounding concrete is clarified. Then, the optimum combination of these parameters is presented. It is confirmed that the elastic modulus of infill should be large to reduce the pull-out displacement and the increase of the shear strength of infill makes the pull-out load larger.