The invention discloses an anchor rod retaining and protecting system with overall length below a pressure-bearing water head. The anchor rod retaining and protecting system is characterized by comprising an inclined drilling continuous wall (7) and an outer sleeve (1) in a foundation bed rock soil layer (8), wherein an anchor rod (2) is arranged on the concentric circle center in the outer sleeve (1); sealing hole is further formed in the front section in the outer sleeve (1) for sealing a grouting tube (3) and gas exhaust tube (4); the outer end of the outer sleeve (1) is fixed by sealing holes of a pre-embedded steel plate (5) and a waterproof roll material (6). The pressure-bearing underwater anchor rod and the structural main body construction are not crossed, and the pressure-bearing underwater anchor rod is used for retaining and protecting to provide enough safety guarantee to the stability of a foundation pit side slope, the safety coefficient is larger than 1.5; after the construction is completed, the other item project construction spaces are not occupied, and thus, potential safety hazards are not caused to the item projects of earth excavation, pile foundation construction, structure construction and the like.