Underground saturated jointed rock is prone to engineering geohazards under the combined effects of in situ stress and dynamic loading. A modified split Hopkinson pressure bar (SHPB) system was used to conduct dynamic loading tests on artificially fabricated saturated jointed rocks. The effects of joint matching coefficient (JMC) and confining pressure on the dynamic strength, deformation characteristics, energy evolution, and stress wave propagation of the specimens were investigated. The test results show that the dynamic compressive strength and stiffness of saturated jointed rocks increase with the increase in JMC, but the compressive strength is still lower than the typical dynamic strength range. Rock damage mainly occurs at the joint location, and the damage mode is dominated by tensile fracture. In terms of energy, the energy dissipation rate of the rock decreases with decreasing JMC and increasing confining pressure. The propagation of stress waves is mainly affected by the coupling of JMC and three-dimensional static stress, which is manifested as a transition from a rapidly changing phase to an unstable changing phase, a process accompanied by an energy distribution mechanism. These insights fill a gap in the mechanical response of saturated jointed rocks under complex loading conditions underground and help predict the risk of dynamic instability in underground engineering and mining operations.