The reasonable pricing of financial products is the premise of their transaction. Considering the randomness of interest rates， the long memory of financial assets and the correlation between interest rate and financial asset price， the pricing model of warrant bonds is proposed under the assumption that the risk-free interest rate satisfies the sub-fractional Vasicek model， the stock pays continuous dividends and the stock price follows the geometric sub-fractional Brownian motion. By applying the It formula of sub-fractional Brownian motion， stochastic analysis theory and risk neutral pricing theory， the pricing formula of warrant bonds is obtained. According to the pricing model， the numerical simulation results show that the randomness of interest rates affects the value of warrant bonds， and the more intense the fluctuation of interest rates， the more significant the value changes of warrant bonds. This shows that it is necessary to consider the change of interest rates when constructing the model. Stock price， exercise price， volatility of stock price， long-range correlation of stock price and long-range correlation of interest rates have important influence on the pricing of warrant bonds.