Underground rocks are generally subjected to water erosion and dynamic disturbances. To exclude the effect of clay minerals on the water–rock interaction mechanism, clay-free artificial porous rock (APR) was used to investigate the coupling effect of water saturation and loading rate on tensile behavior. Dynamic Brazilian disc experiments were performed on APR with six water saturation levels (100, 80, 60, 40, 20, and 0%) using a split Hopkinson pressure bar (SHPB) combined with a high-speed camera. The results indicated that the number of cracks in the APR specimens increased with the water saturation level during the dynamic damage process, with more radial cracks at the water saturation of 80–100%. The dynamic tensile strength (DTS) and dissipated energy density exhibited different change trends with water saturation levels under different loading rates and the rate dependence was most significant in the fully saturated state (100%). At lower loading rates, DTS initially decreased rapidly and then more slowly with increasing water saturation. At higher loading rates, DTS exhibited a ‘decrease then increase’ trend. Moreover, the water-affecting factor exhibited an overall decreasing trend with the loading rate and gradually converged to 1.0. These phenomena can be attributed to the interplay between the weakening and strengthening water-effect mechanisms based on the microstructure and water distribution in the APR specimens.