Soil nailing, as an effective stabilizing method for slopes and excavations, has been widely used worldwide. However, the interaction mechanism of a soil nail and the surrounding soil and its influential factors are not well understood. A pullout model using a hyperbolic shear stress-shear strain relationship is proposed to describe the load-deformation behavior of a cement grouted soil nail. Numerical analysis has been conducted to solve the governing equation and the distribution of tensile force along the nail length is investigated through a parametric study. The simulation results are highly consistent with laboratory soil nail pullout test results in the literature, indicating that the proposed model is efficient and accurate. Furthermore, the effects of key parameters, including normal stress, degree of saturation of soil, and surface roughness of soil nail, on the model parameters are studied in detail.