In this paper, the stability of large-size graded crushed stone used for road base or cushioning under repeated load is investigated. Using an in-house developed device, large-size crushed stone mix was compacted and molded by the vibration and rotary compaction method. Cyclic rotating axial compression was applied, and the shakedown theory was used to study the cumulative deformation of the large-size crushed stone specimens. The effects of gradation parameters on the cumulative strain and stability behavior were analyzed, and the critical stability and failure loads were determined according to the shakedown theory. The test results indicate that there are three obvious instability behavior stages of large-size graded crushed stone under cyclic rotating axial compression: elastic stability, plastic creep, and incremental plastic failure. Large-size graded crushed stone has a higher critical stability load stiffness than conventional-size graded crushed stone. The critical shakedown load of the specimen is mainly affected by the skeleton structure performance, and the critical failure load by the properties of the crushed stone material. Increasing the content and compactness of large-size crushed stone in the specimen can improve the stiffness and stability performance, and to achieve improvements, the content of large-size crushed stone should be controlled between 22% and 26%. The critical shakedown load increases with the increase in the California bearing ratio (CBR) value, while, on the other hand, the CBR value has little relationship with the critical failure load.