This paper describes an investigation into the performance and pullout capacity of a new inflatable anchor system embedded in deep excavation engineering. The proposed inflatable recyclable anchor system consists of a rubber pneumatic bag, movable steel plate, and force transmission bar, which can all be recycled after use. By conducting a number of field pullout tests, it is found that the pullout bearing capacity of the proposed anchor is related to the inflation pressure, the length of the rubber pneumatic bag, and the embedment depth. It is found that, with the exponential increase of inflation pressure or length of the rubber pneumatic bag, the pullout bearing capacity of the novel inflatable anchor increases exponentially. The proposed inflatable recyclable anchor can meet the bearing requirements of traditional grouted anchors. Moreover, the proposed anchor not only has better supporting effects than traditional grouted ones, but it also has the advantages of recyclability, repeated use, and rapid formation of anchorage force. It is a new green and low-carbon anchorage, so it will have good application prospects in temporary foundation pit slope engineering.