Eight cold-formed thin-walled steel beams were performed to investigate the effect of corrosion damage on the flexural behavior of steel beams. The relationships between failure modes or load-displacement curves and corrosion degree of steel beams were investigated. A series of parametric analysis with more than forty finite element models were also performed with different corrosion degrees, types and locations. The results showed that the reduction of cross-section thickness as well as corrosion pits on the surface would lead to a decline in the stiffness and flexural capacity of steel beams, and gradually intensified with the corrosion degree. The yield load, ultimate load and critical buckling load of the corroded specimen IV-B46-4 decreased by 22.2%, 26% and 45%, respectively. The failure modes of steel beams changed from strength failure to stability failure or brittle fracture with the corrosion degree increasing. In addition, thickness damage and corrosion pits at different locations caused the degradation of flexural capacity, the worst of which was the thickness damage of compression zone. Finally, the method for calculating flexural capacity of corroded cold-formed thin-walled steel beams was also proposed based on experimental investigation and numerical analysis results.