Deep geological repository is typically situated at depths ranging from several hundred to 1000 m below ground, making bentonite engineered barrier potentially vulnerable to high water pressure and even inducing hydraulic fracturing. This study conducted injection tests on compacted GMZ (Gaomiaozi) bentonite with a self-developed visualization set-up. The objective was to unveil the roles of dry density, water content, and pressurization rate in hydraulic fracturing from the perspective of fracturing macro-morphological dynamics and breakthrough characteristics. Moreover, the relationships between breakthrough characteristics and microstructure were examined by MIP (mercury intrusion porosimetry) analysis. Results showed that the fracturing dynamics were characterized by three stages: hydration, cracking, and fracturing stages. Compared to water content and pressurization rate, dry density exerted more pronounced effects on these stages. Increasing dry density can lead to an expansion of circular hydration zone, a more complex cracking network, and a change in fracturing patterns from long and clear to short and fuzzy. In terms of breakthrough characteristics, the breakthrough pressure was positively correlated with dry density and negatively correlated with water content. Interestingly, there is a good and unique logarithmic correlation between the breakthrough pressure and the ratio eM/em of inter-aggregate void ratio and intra-aggregate void ratio, regardless of dry density and water content. Within a certain range (i.e. 200-50 kPa/min), breakthrough pressure showed slight dependency on pressurization rate. Nevertheless, an extremely low pressurization rate of 20 kPa/min caused a transition for the specimen from quasi-brittle to plastic state owning to more water infiltration, thereby hindering fracture initiation and propagation.