The corrosion behavior of metal covered with mortar under a wet-dry cyclic condition were investigated to apply for the measurement of corrosion rates of reinforcing steel in concrete structure. The carbon steel in mortar having t=3 mm cover thickness was exposed to the alternate condition of 6 h immersion in chloride containing solution and 18 h drying at $25^{circ}C$ and 50%RH. The electrochemical phenomena of a carbon steel and mortar interface was explained by an equivalent circuit consisting of a solution resistance, a charge transfer resistance and a CPE(Constant Phase Element). The corrosion rates were monitored continuously during exposure using an AC impedance technique. Simultaneously, the current distribution over the working electrode during impedance measurement was analyzed from the phase shift, $ heta$, in an intermediate frequency. The result showed that corrosion rate monitoring using an AC impedance method is suitable under the given exposure conditions even during the drying period when the metal is covered with the wetted mortar.