The composite erosion of freeze-thaw and water flow on slope rills is characterized by periodicity and spatial superposition. When revealing the collapse mechanism of slope rill sidewalls under the composite erosion of freeze-thaw and water flow, it is necessary to fully consider the effect of water migration and its impact on the stability of the rill sidewall. In this paper, we placed the self-developed collapse test system in an environmental chamber to carry out model tests on rill sidewall collapse on slopes under the composite erosion of freeze-thaw and water flow. We utilized three-dimensional reconstruction technology and the fixed grid coordinate method to reproduce the collapse process of the rill sidewall and precisely locate the top crack. We obtained the relationship between the water content of the specimen and mechanical indexes through the straight shear test. The main conclusions are as follows: The soil structure of the rill sidewall is significantly affected by the freeze-thaw cycle, which benefits capillary action in the soil. One freeze-thaw cycle has the most serious effect on the soil structure of the rill sidewall, and the change in the moisture field is more intense after the soil temperature drops below zero. The friction angle of the soil increases with the number of freeze-thaw cycles and tends to stabilize gradually. The effect of the freeze-thaw cycle on the rate of change of the water content of the soil at each position of the wall can be accurately described by a logarithmic function. The expression of the two-factor interaction effect on the rate of change of water content of soil at each position of the rill sidewall can be accurately fitted. We propose a calculation system for locating cracks at the top of the rill sidewall and determining the critical state of instability and collapse of the rill sidewall during the process of freeze-thaw and water flow composite erosion. The results of this research can help improve the accuracy of combined freeze-thaw and water flow erosion test equipment and the development of a prediction model for the collapse of the rill sidewall under compound erosion. This is of great significance for soil and water conservation and sustainability.