The area of permafrost worldwide accounts for approximately 20% to 25% of land area. In cold-climate regions of China, which are garnering international attention, the study of low-temperature and moisture effects on rock mass mechanical properties is of significant importance. China has a wide area of cold regions. This research can provide a foundation for China’s exploration activities in such extreme environments. This paper examines the mechanical behavior of rock specimens subjected to various low temperatures and water contents through uniaxial compression tests. The analysis encompasses failure modes, stress–strain relationships, uniaxial compressive strength (UCS), and elastic modulus (EM) of these specimens. Findings reveal that at lower temperatures, the rock specimens’ fracture patterns transition from compressive shear failure to cleavage failure, reflecting a shift from a plastic–elastic–plastic to a plastic–elastic response. Specifically, saturated rocks exhibit a 40.8% decrease in UCS and an 11.4% reduction in EM compared to their dry counterparts. Additionally, in cold conditions, an increased water content in rocks primarily leads to vertical cracking. Under such conditions, saturated rocks show a 52.3% decline in UCS and a 15.2% reduction in EM, relative to their dry state.