The uniaxial compression experiments and acoustic emission (AE) monitoring are conducted to investigate the macroscopic mechanical behavior and microscopic fracture characteristics of limestone samples with varying moisture contents. The findings revealed that as the moisture content increases from 0 to 6.6%, there is a decrease in peak stress and an increase in peak strain. A clear trend towards greater complexity in fracture characteristics is observed with increasing moisture content. In addition, AE activities demonstrate a heightened frequency, accompanied by an elevation in the corresponding multifractal parameter Δα as the moisture content rises. These variations are attributed to the increase in moisture content, which promotes the proliferation of small-scale microcracks and inhibits their evolution into large-scale microcracks. Consequently, the damage and failure process of the limestone samples transitions from being predominantly controlled by a few large-scale microcracks to being collectively influenced by a multitude of small-scale microcracks as the moisture content increases. In conjunction with the Criterion of Microcrack Density, the correctness of the analysis above is substantiated through mathematical derivation. Further, a quantitative model that links the microcrack system to moisture content is established based on the multifractal parameter Δα. Following this, a characterization model that depicts the macroscopic mechanical properties of limestone affected by moisture content is developed. This model effectively encapsulates the quantitative relationship between moisture content and the macroscopic characteristics of limestone and is validated through fitting experimental data. This research contributes to understanding the macroscopic mechanical response and microscopic fracture characteristics of limestone samples with different moisture contents, providing valuable insights and guidance for ensuring safety during engineering construction processes.