In order to analyze the law of unloading instability of deep rock mass, the unloading experiment of sandstone under different confining pressures was carried out, and the mechanical properties and acoustic emission characteristics of sandstone unloading failure under high stress were obtained. The results demonstrate that before unloading, the sandstone under low stress shows compression and elastic deformation, whereas that under high stress shows elastic deformation and plastic deformation. Moreover, the unloading behavior of sandstone under low stress is ductile, whereas that under high stress is brittle. Poisson’s ratio and elastic modulus have negative and positive correlation with initial confining pressure, respectively. During unloading, the higher the initial confining pressure is, the earlier the rock sample damage occurs. Prior to the accelerated damage stage, the unloading amount and AE cumulative count are inversely proportional and directly proportional to the initial confining pressure, respectively. The simultaneous occurrence of UHF, HF, MF, and LF in the AE power spectrum, as well as a steep increase in fractal dimension followed by a decrease, can be used as precursors to unloading instability in sandstone.