To investigate the dynamic response of fractured rock under cyclic loading and unloading, a WHY-300/10 microcomputer-controlled electro-hydraulic servo universal testing machine was used to conduct uniaxial cyclic loading and unloading tests. Simultaneously, acoustic emission (AE) and a CCD high-speed camera were employed to monitor the fracturing characteristics of sandstone. The mechanical properties, energy evolution, AE characteristics, and deformation of 45° sandstone were analyzed. The results indicate that as the load cycle level increases, both the elastic modulus and deformation modulus exhibit a “parabolic” increase, with a rapid rise initially and a slower rate of increase later. The damping ratio generally shows a decreasing trend but tends to rise near the peak load. The total energy, elastic energy, dissipated energy, damping energy, and damage energy all follow exponential function increases with the load level. The b-value fluctuates significantly during the stable crack propagation phase, unstable crack propagation phase, and peak phase. When the FR (Felicity ratio > 1), the rock is relatively stable; when the FR (Felicity ratio < 1), the rock gradually extends towards an unstable state. The Felicity ratio can be used as a predictive tool for the precursors of rock failure. Shear fractures dominate during the compaction and peak phases, while tensile fractures dominate during the crack propagation phase, ultimately leading to a failure characterized by tensile fracture. High-speed camera observations revealed that deformation first occurs at the tips of the prefabricated cracks and gradually spreads and deflects toward the ends of the sandstone. This study provides theoretical support for exploring the mechanical behavior and mechanisms of fractured rock under cyclic loading and unloading, and it has significant practical implications.