China is accelerating the industrialization of natural gas hydrate exploitation. However, large-scale commercial exploitation of marine hydrate may affect the bearing capacity of deep-water foundations and in turn induce engineering accidents and environmental risks. Adopting the indepen- dent improved physical model test system, a physical simulation experiment was conducted to simu- late the exploitation and dissociation process of hydrate, and the pullout performance of an anchor foundation under different degrees of dissociation was studied. The results show that with the expan- sion of the dissociation front, the degree of dissociation increases, and pull-out bearing capacity of the foundation reduces sharply. After complete dissociation of hydrate, the bearing capacity of the plate anchor decreases to 2.89‰ of that before dissociation. A positive correlation was found between the degree of the pullout capacity reduction and the relative distance of the dissociation fronts, while the pullout failure changes from brittle to plastic.