Bamboo is a type of fast-growing and renewable natural resource that is an ideal building material. In this study, the longitudinal tensile, longitudinal compressive, flexural, longitudinal shear, transverse tensile, and transverse compressive stress-strain and strength properties of bamboo with a period of 240 days were conducted to study the time-varying deterioration performance of bamboo. The results showed that the mechanical properties of bamboo decreased gradually with the passage of time. The transverse compressive strength deteriorated the most, and the longitudinal tensile strength deteriorated the least. After 240 days of tests, bamboo CCS decreased by 52.5% and UTS decreased by 25.4%. Formulas to predict deterioration of mechanical properties were put forward and validated. It was found that the nodes of bamboo influenced its mechanical properties. The deterioration degree of the test specimens with nodes was slightly higher than that of the test specimens without nodes. These findings provide evidence about the deterioration mechanism of bamboo and are significant for promoting the development of bamboo architecture.