Rocks exhibit various mechanical properties under different stress conditions, with changes during unloading having significant implications for geological engineering safety. This study carried out triaxial loading and unloading mechanical tests on sandy slate to investigate its mechanical properties, deformation characteristics, and failure mechanisms at different initial stress levels and stress paths. The results showed that during the unloading process, the deformation modulus (E) of the sandy slate decreased, and the Poisson's ratio (μ) gradually increased. This indicates that significant volume expansion of the rock is the dominant factor in its deformation and failure. The exponential function can be used to describe the evolution of E and μ with confining pressure during unloading. The damage stress of the rock under unloading conditions was lower than that under loading conditions, suggesting that unloading led to an earlier onset of volumetric expansion in the sandy slate. Under conditions where the initial axial stress level approached the damage stress, the mechanical properties were most significantly affected by unloading. Compared to loading conditions, when the initial axial stress level was at 70% of the peak strength, the cohesion (c) decreased by 15.77 to 29.37%, while the internal friction angle (φ) increased by 1.88 to 5.14%. The rock's failure process can be divided into four stages based on the development of microcracks. Unloading during the stages of microcrack initiation and propagation can lead to tensile cracks of varying degrees, resulting in different mechanical properties and failure characteristics under loading and unloading conditions.