The feasibility of strengthening deteriorated or under-capacity concrete structures with external carbon-fiber-reinforced polymer (CFRP) laminates has been widely validated in the literature. However, there is a lack of knowledge on the in situ long-term performance and age-related environmental degradation of the mechanical properties of the laminates. The current study involved the immersion of coupons from a common new CFRP laminate in heated water at 23, 45, and 60 °C for 224 days. The coupons were then tested for residual tensile properties, such as tensile capacity and elastic modulus, using ASTM D3039 (2017) specifications. The CFRP tensile capacity and elastic modulus decreased by a maximum of 33% and 26%, respectively, for 224 days of exposure. Based on the test data, an age-based long-term prediction model with excellent reliability for CFRP laminate tensile capacity was developed. The model was then calibrated with test results from old CFRP coupons collected from an existing CFRP laminate retrofitted concrete bridge. The calibrated model output was then compared with the environmental reduction factor from ACI 440.2R-17 and a few other common sources. It was found that the ACI specified a reduction factor of 0.75, which does not consider the CFRP age and overestimates the design tensile strength of the CFRP laminate by approximately 13%, which may compromise the structural safety of retrofitted bridges. The reduction factors from the other guidelines varied between 0.51 and 0.85.