Bulk gangue is a common backfill material in solid backfill mining. After backfilling into the goaf, bulk gangue serves as the main body to bear the load of overlying strata, and its deformation resistance is the key factor affecting the backfill quality. In this study, the laterally confined compression test of broken gangue was designed, the compaction deformation characteristics of gangue specimens under different loading rates were studied, the acoustic emission (AE) energy characteristics of gangue specimens under compression were analyzed, and the relationship model between macroscopic deformation of broken gangue under compression and AE energy was established. The particle flow numerical software PFC2D was used to stimulate the particle breakage in the gangue compaction process, and the coal gangue particle model was established through particle cluster units. The particle force chain distribution and fracture evolution characteristics of gangue specimens in the compression process were studied, and the macroscopic deformation mechanism was revealed from the mesoscopic perspective. The results showed that: the porosity variation of the gangue specimen increases with the increase of loading rate; the porosity increases with the decrease in the strain, the porosity decreases with the increase in the stress, and the relationship between porosity and stress is monotonously decreasing. With the increase of loading rate, the AE signals produced by particle breakage become stronger, while the influence of the loading rate on the maximum strain, fragmentation and AE signal of the specimen is gradually weakened. Under different loading rates, the “instability-optimization” of the skeleton force chain structure of the gangue model and the crushing-recombination of cracks are the main reasons for the compaction deformation of gangue specimens at the early stage of loading. The research results are of great significance to reveal the deformation mechanism of coal gangue as backfill materials under compression.