Rocks frequently endure water environments and diverse cyclic loading from natural and anthropogenic sources across various damage stages. Understanding the mechanical and fatigue behavior of saturated rocks under different cyclic loading levels is crucial for the intelligent design and long-term stability of the slope. Here, we report several monotonic and cyclic compression tests conducted on red and cyan sandstones under dry and water-saturated conditions, coupled with acoustic emission (AE) monitoring. We analyzed key mechanical parameters such as peak stress and peak strain, as well as AE parameters including count and energy, and dominant frequency in AE spectra. Our findings reveal that elevated cyclic loading levels significantly reduce peak stress and increase peak strain in both dry and water-saturated rocks, with more pronounced effects observed under water-saturated condition. The cumulative AE count correlates positively with increasing cyclic loading levels but decreases due to water saturation. Under cyclic loading with varying levels, dry rocks often experience shear cracking and exhibit AE waveform with high dominant frequency, while saturated rocks tend toward tensile cracking and AE waveform with low dominant frequency. Higher cyclic loading intensifies the occurrence of tensile cracking and AE waveform with low dominant frequency, which are constrained during the elastic deformation stage but become more pronounced beyond the crack initiation threshold. Moreover, cyclic loading enhances the water weakening effects in saturated rocks, closely associated with ongoing crack propagation within the rocks.