Strengthening degraded concrete structures with carbon fiber reinforced polymer (CFRP) is a practical and an economical alternative to the total replacement of structures. Prestressing CFRP plates is one of the efficient solutions used to utilize the high strength of CFRP plates to improve the performance of concrete structures. In order to prestress a CFRP plate, anchorages are required to grip the plate at its both ends. However, anchoring a CFRP plate is a challenging task due to its vulnerability to lateral loading. Hence, a novel compact wedge anchorage system for CFRP plate was developed and tested. The wedge anchorage is composed of an outer cylindrical steel barrel, two steel wedges, and two soft copper plates. The performance of the wedge anchorage was experimentally investigated under tensile loading. Two different presetting levels were applied: high presetting using a hydraulic press and low presetting by manual hammering. The reliability of the wedge anchorage was illustrated by successfully gripping the CFRP plate until its full tensile strength was attained. The reusability of the wedge anchorage was demonstrated by its consistent performance throughout the repeated tests.