The precursor characteristics of rock failure under cyclic loading and unloading are crucial to the prevention of underground engineering disasters. Taking sandstone as an example, this work conducted rock failure experiments under uniaxial cyclic loading and unloading combined with active wave velocity and passive acoustic emission (AE). The damage evolution process of rock was analyzed from the perspectives of energy, AE, and wave velocity. The results show that as the cyclic load stress level increases, the rigidity of the rock continuously increases, the proportion of elastic energy may reach a peak, and there will be an extreme time difference between the wave velocity and stress. The occurrence of the peak point of elastic energy proportion is a sufficient and unnecessary condition for the precursor characteristics of rock failure. The appearance of numerous AE events with high amplitude and high count is an effective precursor characteristic of rock failure. The stress continues to increase while wave velocity decreases is a key precursor characteristic of rock failure. There is a clear linear relationship between wave velocity drop and dissipated energy, it implies that both the which can quantitatively evaluate the rock damage under cyclic loading and unloading. The variation of wave velocity exhibits obvious anisotropic characteristics. This paper is not only a beneficial supplement to the theoretical system of rock failure precursors, but also provides new ideas and methods for rock stability monitoring and failure disaster early warning in underground engineering.