Studying the dynamic properties of rocks in complex environments is of great significance to the sustainable development of deep-sea metal mineral resource extraction. To investigate the influence of dry–wet cycles on the dynamic tensile properties and energy dissipation of red sandstone, a series of dynamic Brazilian disc tests was carried out through the split Hopkinson pressure bar (SHPB) apparatus. The dynamic tensile behaviors and energy dissipation distribution of the red sandstone specimens after different dry–wet cycles (0, 10, 20, 30 and 40 cycles) were analyzed in this study. The degree of dynamic tensile fragmentation and energy dissipation of red sandstone is significantly affected by the loading rate. Specifically, when the number of dry–wet cycles remains constant, an increase in loading rate results in a significant reduction in the average fragment size, while the energy consumption density exhibits an approximately linear increase. At a fixed loading rate, the energy consumption density decreases approximately linearly with the increase in dry–wet cycles, and the higher the loading rate, the more sensitive the energy consumption density is to the dry–wet cycle. Under a fixed number of dry–wet cycles, the dynamic tensile strength has an exponential relation with the increase in energy consumption density.