This study aimed to evaluate the safety of dump slopes in high-altitude areas subjected to severe dry–wet cycles. The slope of No. 1 and No. 2 in-service dumps in limestone mining areas for cement in high-altitude mining areas is taken as the research object. The unsaturated soil shear strength and matrix suction distribution equations were imported based on the unsaturated–saturated seepage theory. Therefore, the evolution characteristics of the unsaturated–saturated seepage field in the dump are analyzed by numerical calculation, and the safety state of the dump slope is evaluated. The results indicated the following rules: under the action of four dry–wet cycles, the surface soil of the dump slope changes from an unsaturated state to a saturated state. Furthermore, with the increase in the times of the dry–wet cycle, the maximum vertical displacement of the No. 1 and No. 2 dump slopes increased. The numerical calculations of the maximum cumulative vertical displacement of the slope were consistent with the actual monitoring data. The factor of safety of the dump slope decreased continuously with the increase in the times of dry–wet cycles. Nevertheless, it still met the safety and stability standards. It was concluded that the slope of the in-service dump remains stable after enduring four severe cycles of dry–wet.