Based on the macroscopic structure control theory, The slate with a significant bedding plane is a composite rock mass composed of rock blocks containing microscopic defects, joint surface closure elements, and shear deformation elements. Considering the coupling damage effect of water erosion and triaxial compressive load on bedding structure plane, the transversely isotropic damage constitutive model of slate under triaxial compressive load is derived with the dip angle of bedding and confining pressure as the variable. Firstly, based on the statistical theory of continuous damage mechanics and the maximum tensile strain criterion, the transversely isotropic deformation constitutive model of rock block with micro-defects is given; Secondly, based on the phenomenological theory of closed deformation and shear-slip deformation mechanism of layered structural plane under the coupling action of water erosion and triaxial compression load, the calculation formula of axial deformation of layered structural plane under the coupling action is given; Finally, to verify the accuracy of the established constitutive model, triaxial compression tests are carried out to study the influence of dip angle and confining pressure on the macroscopic mechanical properties and mechanism of slate. The results show that: the established triaxial compression damage constitutive model of bedding slate can accurately describe the stress–strain relationship of bedding slate after water environment erosion. With the increase of bedding dip angle, the strength and deformation capacity of the bedding slate first decreases and then increases, showing a U-shaped distribution as a whole. There are three main types of failure: tension shear composite failure, shear slip failure, and splitting tension failure.