In order to study the changes in the mechanical properties of road subgrade in cold areas after the freezing and thawing of highways in cold areas, indoor mechanical tests were carried out to investigate the effects of the number of freeze–thaw cycles, freezing temperature, water content, and circumferential pressure on the mechanical properties of road subgrade soil in cold areas after thawing. The mechanical properties of road subgrade soil in cold areas after thawing were measured under different conditions. The test results show that, within the study range: (1) After 7 freeze–thaw cycles, the destructive stress of the subgrade soil decreased from 321.7 kPa to 289.9 kPa, a decrease of 9.9%, and the elastic modulus decayed by 19.9%. (2) When the freezing temperature was reduced from −5 °C to −15 °C, the destructive stress of the subgrade soil decreased from 303.9 kPa to 290.1 kPa, a decrease of 13.8 kPa, approximately 4.5%, and the decrease in modulus of elasticity was about 1.6%. (3) The water content increased from 6% to 12%, and the destructive stress decreased from 405.43 kPa to 288.4 kPa, a decrease of 29.1%, and the modulus of elasticity decreased approximately linearly, with an attenuation of 50.4%. (4) The peripheral pressure increased from 50 kPa to 150 kPa, and the destructive stress increased from 194.7 kPa to 367.7 kPa, a growth of 88.8%, and its modulus of elasticity increased with the increase in peripheral pressure, an increase of 154.1%. The results of this research can provide a reference for highway and engineering construction in the western silt–soil distribution area.