In order to investigate the deformation characteristics of interbedded weak expansive rocks in water immersion, the sandstone–mudstone interbedded structures were taken as the object of this study. A total of 27 sets of indoor immersion tests were designed with three influencing factors, namely, the layer thickness ratios of sandstone and mudstone (1:1, 2:1, 3:1), the occurrence of the rock layers (flat, oblique, and vertical), and the overburden loadings (0 kPa, 12.5 kPa, and 25 kPa). Tests were conducted to obtain the deformation time series data of the samples during the immersion loading process. Based on this, the influence pattern of each influencing factor on the sample deformation was analyzed individually. The results show that with the increase in overburden loading and rock inclination angle, the sample develops from expansion deformation to compression deformation. Changes in the layer thickness ratio will not change the deformation trend of the sample, and the decrease in the relative mudstone content will only reduce the absolute value of the sample’s expansion and compression deformation. The deformation stability rate of the sample under load is 5~7 times that under no load. The increase in layer thickness ratio and rock inclination angle will lead to different degrees of attenuation of sample expansion force in the range of 8.91~38.68% and 51.00~58.83%, respectively. The research results of this paper can provide a meaningful reference for the design and maintenance of a high-speed railway subgrade in a weak expansive rock area with an interbedded structure.