During the design of anchor foundation of offshore structures, aiming at the investigation of the ultimate pullout bearing capacity analysis of drag embedment anchor under cyclic loads of wind, wave and current, the undrained seabed soft clay and drag embedment anchor are respectively simulated by ideal elastic-plastic model and rigid model. Considering the contact friction between the drag embedment anchor and seabed clay, the two-dimensional finite element calculation model is established. Under cyclic loading, concept of cyclic strength from Anderson is introduced, and then the influence laws of embedment depth and load cycle times to ultimate cyclic pullout bearing capacity of drag embedment anchor are respectively investigated. The results show that the embedment depth has little influence on cyclic ultimate pullout bearing capacity. With the load cycle times gradually increasing, the cyclic ultimate pullout bearing capacity of drag embedment anchor gradually decreases and the decreased degree gradually becomes small. The specific numerical results and analysis conclusions would be helpful in engineering practices.