In order to obtain the calculation model for the local bearing capacity of concrete Fl under two headed bars, six pull-out concrete specimens were prepared. The effect of the net distance between two headed bars c on Fl was mainly investigated. The test results show that the local bearing capacity of concrete would first decrease and then increase with the increase in c, and the boundary point of the two stages was c = 40 mm. It is determined that the stress transformation from the local compression state to the axial compression state in the stress distribution model is characterized by the variation rate of the vertical stress under individual headed bars, which would infinitely approach a constant value. The constant value under individual headed bars is used as the limit value. The height of the vertical stress under two headed bars is modified, and then the height of the tensile region of the specimen with different c values is determined. Combined with the experimental phenomena and the results, two stages of calculation models are established, respectively: the integral calculation model and the individual calculation model. The integral calculation model focuses on the interaction of the compression region under two headed bars. The individual calculation model mainly focuses on the interaction of the tensile region under two headed bars. The calculation equations considering the influence of the height of the tensile region are established. Two groups of similar test data regarding the local bearing capacity were collected and verified as the integral calculation model and the individual calculation model. The average value of the ratio between the test value and the calculated value is 1.057 and 1.061, the standard deviation is 0.153 and 0.091, and the coefficient of variation is 0.055 and 0.086. It is proved that the calculation model proposed in this paper has a certain accuracy. It can provide a reference for calculating the local bearing capacity of concrete under multiple headed bars.