In this paper, a new model to obtain the Energy release rate (ERR) for pull-out test specimens, based on a variational approach, is introduced. To include radial dependency, due to axial deformations of a matrix, in an efficient and accurate way,.a continuous displacement function is introduced which satisfies the required geometrical as well as kinetical boundary conditions. The displacement function includes the shear deformation. While obtaining the parameters of displacement function from the principle of total potential Energy, two distinct solutions are recognized which have different physical interpretations. One solution demonstrates shear deformation and radial dependency, whereas the other solution represents a constant normal strain. Employing the proposed modeling, the effects of various geometrical and material parameters on ERR were studied. Numerical results are presented to show the accuracy and efficiencyof this model in comparison with other such modelings.