The conditioning of moisture content is an effective way to improve walnut-crushing performance. In this study, firstly, walnuts with different moisture contents were used to conduct the crushing experiments. The distributions of fragment sizes of shells and kernels with different moisture contents were analyzed by an image processing and sieving method, respectively. The results show that moisture content significantly affects the fragmentation degree of the shell and kernel, as shown by the differences in the fractal dimensions of shell fragments and the average fragment size of kernel fragments. The critical moisture contents of the shells and kernels, corresponding to the specific states of broken shells and whole kernels, were determined. Then, taking the critical moisture content as the target moisture content, the combination of hot air and microwave vacuum drying applied to dry walnuts was presented and the process parameters were optimized. Optimized process parameters include a hot air temperature of 63.23 °C, a moisture content of the transition point of 24.88%, microwave power of 588.24 W and a microwave vacuum thermostatic temperature of 49.01 °C. At this point, the unit time drying rate, unit mass drying energy consumption, mean square error of moisture content and kernel color parameters were 0.215%/min, 3.03 kW·h/kg, 2.93% and 6.42, respectively. It was confirmed that drying the walnuts to a critical moisture content using an optimized process could both maximally improve the crushing performance and significantly reduce the drying time. The findings provide important information for conditioning the crushing state of walnuts and improving crushing performance and have practical value for the improvement of drying systems.