A suspended dense graded broken stone road foundation stabilized by cement is a commonly employed material in roadworks, which is vulnerable to harm caused by freezing and thawing processes. This investigation intends to evaluate the laboratory behavior and the characteristics of freezing and thawing process-induced deterioration in a broken stone road foundation stabilized by cement with suspended dense grading, employing mechanical examinations and acoustical methods. The rate of mass loss in the broken stone road foundation stabilized by cement progressively rises, and the rate of decline in the compressive strength could potentially intensify as freezing and thawing processes augment. The modulus of resilience diminishes as freezing and thawing processes progress, and ultrasonic wave velocity also decreases. The patterns of mass loss, compressive strength decline, resilience modulus reduction, and ultrasonic wave velocity alteration adhere to a parabolic fitting relationship with freeze–thaw cycles, with an R2 above 0.95. The curves depicting the relationship of mass, compressive strength, resilience modulus, and ultrasonic wave velocity exhibit a steeper trend significantly after 10–15 cycles, which can be ascribed to the emergence of microcracks and the progression of flaws within the material. The evolution of damage in the broken stone road foundation stabilized by cement is monitored to progress through three distinct stages based on acoustic emission: initial, stationary, and failure. As freezing and thawing processes accumulate to 20 cycles, the length of initial phase correspondingly rises to three times, the length of failure stage diminishes to about one fifth.