Due to lack of research data on the rates of deterioration of FRP properties under a harsh environment exposure, it was pointed out in the design guidelines that the durability of FRP needs to be further developed. Therefore, in this study, 48 FRP samples were tested under wet-dry cycles exposure. The effect of wet-dry cycling times on the failure modes, tensile strength, and the probability distribution of different FRP (GFRP and CFRP) composite specimens were investigated. The experimental results showed that the wet-dry cycles have a significant adverse influence on the tensile strength, have a certain adverse effect on the elongation, and a very limited influence on the elastic modulus of FRP. According to the experimental results, a probability analysis was conducted on the degradation of tensile strength. Five widely used test methods were adopted to verify the possible distribution types of tensile strength, and a reliability index β was then calculated. Subsequently, the effects of the design tensile strengths of ACI-440, TR-55, GB 50608-2010, GB 50367-2013, European Fib Bulletin 14 and Italian CNR guidelines on the β were investigated. The investigation illustrates that only the design value of the TR-55 code can guarantee sufficient long-term safety of a CFRP composite, whereas all the six codes cannot guarantee the long-term safety of a GFRP composite and the partial safety factors in these codes are still not conservative. Therefore, a more conservative safety factor was suggested. Moreover, the design value of tensile strength needs to be further conservative when the standard deviation of the load is large.