Liquid nitrogen fracturing has emerged as a promising technique in fluid fracturing, providing significant advantages for the utilization and development of geothermal energy. Similarly to hydraulic fracturing in reservoirs, liquid nitrogen fracturing entails a common challenge of fluid–rock interaction, encompassing the permeation and diffusion processes of fluids within rock pores and fractures. Geomechanical analysis plays a crucial role in evaluating the transfer and diffusion capabilities of fluids within rocks, enabling the prediction of fracturing outcomes and fracture network development. This technique is particularly advantageous for facilitating heat exchange with hot dry rocks and inducing fractures within rock formations. The primary objective of this study is to examine the effects of liquid nitrogen fracturing on hot dry rocks, focusing specifically on granite specimens. The experimental design comprises two sets of granite samples to explore the impact of liquid nitrogen cooling cycles on the mode I fracture characteristics, acoustic emission features, and rock burst tendency of granite. By examining the mechanical properties, acoustic emission features, and rock burst tendencies under different cycling conditions, the effectiveness of liquid nitrogen fracturing technology is revealed. The results indicate that: (1) The ultimate load-bearing capacity of the samples gradually decreases with an increase in the number of cycling times. (2) The analysis of acoustic emission signals reveals a progressive increase in the cumulative energy of the samples with cycling times, indicating that cycling stimulates the release of stored energy within the samples. (3) After undergoing various cycling treatments, the granite surface becomes rougher, exhibiting increased porosity and notable mineral particle detachment. These results suggest that the cyclic application of high-temperature heating and liquid nitrogen cooling promotes the formation of internal fractures in granite. This phenomenon is believed to be influenced by the inherent heterogeneity and expansion–contraction of internal particles. Furthermore, a detailed analysis of the morphological sections provides insights into the structural changes induced by liquid nitrogen fracturing in granite samples.