Full-length anchorage rockbolts are widely used in roadway reinforcement and rock controlling in underground mining. This article proposes using an elastic–debonding (ED) model to analyse the axial performance of rockbolts. The advantage of this ED model was that the full force–deformation curve of rockbolts comprised only three phases, which was relatively simpler to calculate. Its effectiveness was compared with experiment tests. Based on the ED model, a series of parameter studies was conducted. Results showed that for cross-section area of rock, there was a critical range. Once the cross-section area of rock was beyond that critical range, external rock had a mild impact on the axial performance of rockbolts. Rockbolt diameter significantly affected the axial performance of rockbolts. When rock diameter increased, the peak force of rockbolts increased linearly, while deformation at the peak force decreased non-linearly. The corresponding calculation equation between the peak force, deformation at the peak force, and rockbolt diameter was obtained. Borehole diameter had a mild impact on the axial performance of rockbolts. Increasing rockbolt length benefits improving the peak force of rockbolts. Rockbolt modulus of elasticity had a more apparent impact on the deformation at peak force. Mechanical properties of the bolt/grout (b/g) face affected the axial performance of rockbolts. Increasing the b/g face strength improved the peak force of rockbolts. Slippage at the ultimate load had a more apparent impact on the turning point between the elastic phase and the elastic–softening phase.