The change of physical and mechanical properties of slope rock mass in open-pit mines in seasonally frozen area under the action of freeze–thaw cycles is one of the main reasons for slope instability. In this paper, taking the mechanical parameters of coal seam and sandstone layer in the Beitashan Pasture Open-Pit Mine in Xinjiang as the research object, considering the combined effect of the frost-heave tensile stress in the crack perpendicular to the crack surface and the three-dimensional confining pressure in the crack, the criterion for cracking of fractured rock mass under freeze-thaw condition is determined by applying the principle of stress superposition and the theory of strain energy density factor, and the theoretical frost-heave stress required for cracking is deduced. On this basis, the sensitivity analysis of the fixed factors and variable factors to the theoretical frost-heave stress was performed, respectively. Finite element analysis was utilized to analyze the slope stability under the attenuation of five groups of different rock mass mechanical properties and to determine the slope angle required for the slope stability. Seven different slope angles of sidewall mining ranging from 36° to 51° are analyzed. The results of finite element analysis show that considering the timeliness difference of rock mass parameters with time, the safety factor of slope is reduced from the original 1.70 to 1.18, and 91,500 tons of coal resources can be recovered every year, with remarkable economic benefits.