Corroded transmission towers, whose load-bearing capacities are lowered, are suffering from wind-induced damage. By simulating the member corrosion through section thinning, the structural dynamic finite element model of an angle-steel transmission tower with a corrosion depth of 0 mm to 1.4 mm was established using ANSYS/LS-DYNA software. The incremental dynamic analysis method was used to study the collapse mode of the tower under different degrees of corrosion, as well as the effects of corrosion on structural self-vibration characteristics, wind-induced member stress, and tower-top displacement. The results show that with the corrosion deepening, the first three vibration frequencies decrease, and the torsional mode becomes the first mode. When the corrosion depth is smaller, the overall structure failure occurs under strong wind. The failure starts at the most unfavorable oblique rod between the upper and middle cross arm, then expands to the rods under the lower cross arm. When the corrosion depth is larger, the overall structure failure occurs restrictedly between the upper and middle cross arm. Internal axial force and bending moment redistribution happen when corrosion deepens. Under the critical failure state, the oblique rods are always at a high stress level, while the stresses of the main rods decrease. Corrosion has a stronger impact on component strength and stability than on structural stiffness.