In order to study the mechanical behavior and failure characteristics of rock mass with the structural plane in complex deep stress environment, the QKX-YB200 true triaxial rockburst test system, acoustic emission, and digital video recorder were adopted to conduct true triaxial loading and unloading indoor tests on the red sandstone cube specimens. The results show that: (1) Under true triaxial loading conditions, all specimens propagate in the form of anti-wing crack, and the dip angle of the structural plane is linearly related to the average value of the anti-wing crack propagation angle; under true triaxial unloading conditions, the specimens with structural plane dip angles of 30°, 45°, and 60° propagate in the form of wing crack, while those with a 90° angle propagate anti-wing cracks, and the closure of structural plane is related to the the crack type at the tips of structural plane. (2) The unstable failure stages in the stress–strain curve under true triaxial unloading are longer and exhibit more pronounced fluctuations; the peak strength of the specimens under the conditions of true triaxial loading and unloading decrease first and then increase with the increase of the dip angle, reaching the lowest at 45°. (3) During the true triaxial unloading tests, the rockburst degree of the intact rock specimens is more violent than that of the specimens with a structural plane. Additionally, the dip angle of the structural plane influences the severity of rockbursts under the same stress path. (4) The crack propagation mechanism and the closure degree of structural planes under different true triaxial stress paths and dip angles are discussed. It is observed that the crack initiation mode around the structural plane tips and the crack mode near free surface are closely related to the stress environment in different areas of the specimens. (5) Based on the indoor test results and previous experimental data, the differences in peak strength characteristics between open structural planes and closed structural planes are preliminarily analyzed and compared.