Investigating the dilatancy, acoustic emission and failure characteristics of fissured rock are significant to ensure their geotechnical stability. In this paper, the uniaxial and triaxial compression experiments with AE monitoring under different loading rates were carried out on fissured rock specimens with the same geometrical distribution of two pre-existing flaws. The dilatancy and AE activity of these specimens were discussed, and the effects of the confining pressure and loading rate on the mechanical parameters and failure characteristics were analyzed. The results show that the exponential strength criterion is more suitable than the Mohr–Coulomb strength criterion to characterize the strength characteristics of fissured rock. The crack evolution and failure characteristics of fissured rock specimens are more complicated than those of intact rock specimens. The failure characteristics of the fissured rock follow the tensile shear coalescence model, crack branching occurs with increasing the loading rate, and the multi-section coalescence model is verified with increasing the confining pressure. The phenomena of stress drop and yield platform usually occur after the dilatancy onset, the specimen does not fail instantaneously, and the propagation and coalescence of cracks cause a sharp increase in the AE signals, circumferential strain, and volumetric strain.