The importance of sustainable and resilient infrastructure systems has increased significantly in recent years due to the need for the transportation systems with minimum interruptions under extreme events. To reach this objective, it is crucial to evaluate the lifetime performance of bridges that are affected from both the factors associated with structural response and the demands induced by hazard conditions. Bridge fragilities at different performance levels and associated bridge risks may increase in time owing to the structural deterioration effects on different bridge components. The present study aims to obtain the time-dependent fragility and risk of regular highway bridges under the combined deterioration effects on bridge piers and on elastomeric bearings. For this purpose, the seismic response of a characteristic river-crossing highway bridge is investigated and the physical models reflecting the structural deterioration are incorporated into the developed three-dimensional bridge models for different time instants along the bridge lifetime. Fragility curves at component and system levels are generated by performing a large number of nonlinear time-history analyses. The computed time-dependent fragilities are further employed to obtain time-dependent risk curves of the study bridge. The outcomes of the study can be utilized in future efforts towards decision-making methodologies in risk-mitigation and maintenance planning studies.