Urban underground engineering is generally buried at a shallow depth and suffers long-term environmental water effects such as rainfall, rivers, underground pipeline leakage, and groundwater. The mechanical properties of the structures are affected by constant deterioration, which seriously hinders the safe, healthy, and sustainable development of the city. On the basis of on-site investigation of civil defense engineering, this article simulates the water environment conditions of mortar in underground engineering in the laboratory and conducts manual sample preparation in the laboratory. Then, water, H2CO3, NaCl, and Na2CO3 solution or wet–dry cycles are used to corrode the sample, respectively. A uniaxial compression test, Brazilian splitting test, analyses of the acoustic emission signals and electromagnetic signals, and magnetic imaging testing are performed, respectively. The results show that an increase in the action time of environmental water leads to a gradual increase in the uniaxial compressive strength, tensile strength, and elastic modulus of cement mortar, but it will decrease over a long period of time. Different environmental water components can also lead to a different performance of soaked mortar. The uniaxial compressive strength R, tensile strength σt, and elastic modulus E of mortar samples exhibit values in different solutions in the order of H2CO3 solution < NaCl solution < Na2CO3 solution < water. A moderate solution soak time can enhance the mechanical properties of the mortar, but this effect decreases at long time scales. The effect of wet–dry cycles on the mechanical properties and degradation process of mortar is significant. With the increase in wet–dry cycles, the porosity of mortar continuously increases. The cumulative ringing count, energy, amplitude, and impact number of acoustic emission signals always increase when the samples are loaded to failure. The uniaxial compressive strength, tensile strength, and elastic modulus first increase and then decrease. The experimental results lay the foundation for further investigating the performance changes in mortar under complex water environments in underground engineering.