With the increasing demand for sustainable building materials, it is essential to investigate the durability of recycled fine aggregate concrete (RFAC) under corrosive environmental conditions. This study systematically assessed the performance of RFAC with three compressive strengths after dry–wet cycles in chloride and sulfate environments, respectively. The experimental program encompassed measurements of compressive strength, mass variation, porosity, ion penetration depth, and free ion content, complemented by comprehensive microstructural characterization. Results show that under sulfate exposure, 20 MPa and 40 MPa RFAC suffered significant strength losses of 60.1% and 18.0% after 70 cycles, while 60 MPa RFAC gained 2.5% strength. In chloride environments, 20 MPa and 40 MPa RFAC experienced strength reductions of 30.7% and 6.9%, whereas 60 MPa RFAC increased in strength by 6.6%. Compared to sulfate exposure, all groups exhibited slight mass increases or porosity reduction under chloride exposure, with high-strength RFAC showing the most noticeable densification. The chloride penetration depth in RFAC of 60 MPa was measured at 14.65 mm, representing a 41.0% reduction compared to RFAC of 20 MPa; sulfate penetration depth was 17.84 mm, which is 44.6% lower than that of the 20 MPa counterpart. Microstructural analysis revealed that sulfate-induced ettringite and gypsum formation triggered crack propagation, while chloride mainly affected pore structure through crystallization and filling, and the formation of C-S-H in high-strength RFAC inhibits pore expansion and mitigates deterioration.