Design parameters such as initial bonding section, prestress, and bonding stiffness have a significant impact on the mechanical properties of the full-length bonded prestressed bolt. In order to understand the influence of the above three parameters on the axial force and shear stress of anchor bolts under the condition of rock separation, theoretical and numerical models were established, and the sensitivity of different parameters was analyzed based on the grey correlation method. Results indicate that the bonding stiffness had the greatest impact on the mechanical properties of the bolt and largely determined the peak axial force, peak interfacial shear stress, and number of sliding elements. Moreover, prestress had a significant impact on the peak axial force and the distribution of shear stress in the initial bonding section, while the length of the initial bonding section had a significant impact on the number of sliding elements and the peak axial force after sliding. The grey correlation method results show that the correlation degrees of the initial bonding section, prestress, and bonding stiffness were 0.8932, 0.9023, and 0.9775, respectively.