Artificial filled joints made of sand–clay mixtures with different clay weight fractions and saturations have different wave attenuation capacities. In this paper, the high amplitude impact test of sand–clay mixtures was carried out by using split Hopkinson pressure bar (SHPB) equipment. The results showed that with the increase of clay weight fraction, the particle crushing decreased continuously, while the wave attenuation coefficient decreased first and then increased. When the weight fraction of clay was 50%, the wave attenuation coefficient reached the minimum among the tested working conditions, and the ratio of transmitted energy to incident energy reached the maximum. With the increase of saturation, the particle crushing decreased first and then increased, while the wave attenuation coefficient increased first and then decreased. When the saturation was 25%, the wave attenuation coefficient reached the maximum, and the proportion of transmitted energy to incident energy reached the minimum. Because of the lubrication of water reduced the friction between particle, the specimen more prone to deformation and particle crushing reduced. As the saturation increased, this effect gradually decreased. In the case of the wave absorbing layer of protective works, special attention should be paid to the adverse effects caused by groundwater.