In order to explore the impact of freeze-thaw temperature on the sputtering rate of water-saturated yellow sandstone under impact loading, in this paper, the Hopkinson pressure bar is used to conduct impact loading test on the water-saturated yellow sandstone at the same strain rate (74.22 s−1) under five different freeze-thaw temperatures. After impact loading, the yellow sandstone fragments are graded and screened by using the sizing screen, and the mass of fragments with different particle sizes after screening is counted. By transforming the fragments into spheres with the corresponding particle sizes, and combining the dissipated energy, the surface specific energy of yellow sandstone with different freeze-thaw temperatures is calculated. Finally, the sputtering rate of the fragments is obtained by using the relationship of total work, dissipated energy, and kinetic energy. The main conclusions are as follows: The freeze-thaw temperature has a significant effect on the fracture degree of yellow sandstone. The lower the freeze-thaw temperature is, the higher the fracture degree of yellow sandstone is, and the smaller the particle size distribution of fragments is. The fractal dimension of yellow sandstone increases with the decrease of freeze-thaw temperature, indicating that the damage of yellow sandstone is more serious. The dissipative energy of yellow sandstone increases with the decrease of freezing temperature, while the kinetic energy increases gradually when the freeze-thaw temperature is −30°C to −15°C and decreases gradually when the freeze-thaw temperature is −15°C to −5°C. The surface area and surface specific energy of yellow sandstone fragments both increase with the increase of freeze-thaw temperature. And the sputtering rate of yellow sandstone fragments increases gradually at freezing temperature from −30°C to −15°C and decreases gradually at −15°C to −5°C. Therefore, from the perspective of dynamic destruction process, the sputtering of yellow sandstone fragments at freezing temperatures of −15°C, −20°C, and −30°C is more intense than that at −5°C and −10°C. The results can provide some guidance for production in winter and winter regions.