In underground engineering, the deformation of surrounding rock caused by “three heights and one disturbance” leads to the failure of grouted rockbolt systems, which causes huge economic losses to the mining industry. The research shows that the failure process of grouted rockbolt systems is the result of energy accumulation and release, but the relationship between failure mode and energy dissipation is rarely studied. Based on this, the load transfer behavior, energy dissipation, failure mode and failure mechanism of the grouted rockbolt systems are investigated from the perspective of energy in this study using the indoor pullout test. Test results show that the load decreases rapidly, and the absorbed energy decreases due to the whole-body splitting crack. The absorbed energy of the specimen in the splitting crack mode is lower than that in the pullout failure mode. When the pullout load reaches its peak, the pullout load of the specimen with split failure mode decreases sharply. Meanwhile, the load of the specimen with pullout failure mode is relatively slow, and the energy absorption rate decreases gradually due to the occurrence of cracks. However, the reduction in the energy absorption rate under pullout failure is lower than that under split failure. The radial pressure in the grouted rockbolt systems increases due to the wedge action. When the radial pressure exceeds the tensile strength of concrete, the specimen will experience split failure, otherwise pullout failure will occur.