The use of underground reservoirs is a critical technique for achieving sustainable coal and water resources in many ecologically fragile mines in western China. Concrete samples subject to repeated water immersion and cyclic loading−unloading (CLU) operations were obtained from an underground artificial reservoir dam in Chahasu Colliery to study their strength damage and fracture propagation behavior. The variation in water content of the samples according to immersion times were divided into the rapid growth stage (0−10 h), slow growth stage (10−60 h), and stable stage (>60 h). With an increase in immersion times (IIT), the saturated water content of the coal samples logarithmically increased to 7.02%, and the ultrasonic wave velocity decreased by 10.44%. According to the increasing trend of plastic damage energy density, the total stress−strain curve was divided into four fracture stages. The total energy and elastic energy densities increased nonlinearly with the increase in cycles, whereas the plastic damage energy density first decreased and then increased. The plastic damage energy ratio at the stress peak point of the samples under different sequential times of immersion was 0.18, 0.29, 0.28, 0.58, and 0.61. The initial fracture development and fracture damage thresholds of the samples decreased by 20 and 50% with IIT, respectively. However, the proportion of the fracture closure and initial fracture development thresholds of the samples showed an increasing quadratic trend with IIT. Based on the low ratio of rise time to amplitude and high average frequency, the fracture mode of the samples under repeated water immersion was mainly tensile fracture. Acoustic emission events with energy higher than 10 4 aJ spread from the center with repeated water immersion. When the CLU was greater than 6, the plastic damage energy of the fitted three-dimensional surface increased nonlinearly with IIT. The energy parameter−plastic damage energy ratio was introduced to help develop a theoretical model for describing the complete stress−strain damage evolution of repeatedly immersed concrete samples under CLU. The paper provides technical references for improving the long-term strength design of concrete artificial dams of underground reservoirs.