A modelling framework for predicting carbonation-induced corrosion in reinforced concrete is presented. The framework constituents include a new model for water transport in cracked concrete, a link between corrosion current density and water saturation, and a theory for characterising concrete carbonation. The theoretical framework is numerically implemented using the finite element method and model predictions are extensively benchmarked against experimental data. The results show that the model is capable of accurately predicting carbonation progress, as well as wetting and drying of cracked and uncracked concrete, revealing a very good agreement with independent experiments from a set of consistent parameters. In addition, insight is gained into the evolution of carbonation penetration and corrosion current density under periodic wetting and drying conditions. Among others, we find that cyclic wetting periods significantly speed up the carbonation progress and that the induced corrosion current density is very sensitive to concrete saturation.