A cable corrosion monitoring sensor with a temperature compensation probe has been designed and manufactured to monitor the corrosion of high-strength steel wires in the transition zone between the cable body and the anchorage. The influence of temperature and tensile force on the resistance of steel wires was thoroughly investigated. Reliability tests were conducted on the temperature compensation probe, along with salt spray corrosion tests on the corrosion sensor. The research results demonstrated that, compared to the temperature sensor, temperature compensation probe can better reflect the actual temperature of the corrosion sensor and provide effective temperature compensation for the corrosion sensor. Moreover, the developed corrosion sensor can effectively reflect the mass loss rate of the corrosion probe. The sensor is capable of detecting a corrosion level as low as 0.02 % of the complete steel wire mass, which corresponds to an average corrosion depth of 0.412 μm.