The compaction characteristics and bearing capacity of dry filling materials in goaf have a significant influence on stope control and surface stability. Through acoustic emission monitoring and mechanical model analysis, a series of confined compression tests were conducted on crushed waste with varying particle sizes and Talbot coefficients. The deformation, fragmentation, and acoustic emission characteristics under corresponding working conditions were determined. The results indicate that the stress–strain curves of crushed stone with different particle sizes and Talbot coefficients exhibit similar nonlinear behavior during confined compression. However, the strain response varies with changing stress levels. By analyzing the slope change rate of the stress–strain curve, the lateral uniaxial compression process of waste rock can be divided into three deformation stages: rapid compression, stable crushing, and slow compaction. The compressive deformation characteristics of gravel differ based on particle size and Talbot coefficient. Specimens with a higher Talbot coefficient demonstrate stronger compressive resistance and weaker deformation resistance during initial compaction loading. Notably, the internal pressure structure strength is influenced by factors such as maximum particle size D, grading coefficient n, and particle size distribution continuity, rather than solely by the proportion of large particles. The evolution of acoustic emission signals and energy-time curve during waste rock confined axial compression synchronizes with the compaction process. Overall, compaction plays a critical role in maintaining the stability of goaf in dry crushed waste filling.