The traditional anchor cable has limited deformation, which can be exceed easily in the slope reinforcement. In order to adapt to the slope reinforcement under complex geological conditions, a high-strength and large-deformation anchor cable is proposed. The anchor cable is characterized by high tonnage and large deformation. Its yield device consists of several yield sets, which are of the squeeze friction type. The initial yield force and stroke of the anchor cable can be adjusted according to the design. Laboratory tests of yield sets are carried out. Three types of yield sets that meet the requirements are found. Their initial yield strengths are 120 kN, 135 kN and 145 kN, and their yield strokes are greater than 200 mm. The test results show that the output force has a linear relationship with the length of the yield interface. Its working principle is clarified, and the key parameter calculation method is proposed. The yield anchor cables of 400 kN, 500 kN, 1 000 kN and 1 500 kN class are successfully d