<p>Fractures in the coal–rock system are mainly distributed in the coal seams and the weak interlayer zones between coal and rock layers, which seriously affect the safety and stability of the coal–rock system. In order to explore the influence of fractures on the mechanical properties of coal–rock, coal–rock specimens with five different fracture numbers and five different fracture offset distances were prepared and axial loading numerical tests were carried out on them. The results show that the fracture number is linearly related to the compressive strength, elastic modulus, pre-peak strain energy, post-peak strain energy, and impact energy index. With the increase in fracture offset distance, the compressive strength, elastic modulus, pre-peak strain energy, and post-peak strain energy first decrease and then increase, while the impact energy index first increases and then decreases. A mechanical model of fractured coal–rock was established, and the fracture propagation mechanism was clarified that the fracture expansion is mainly dominated by the shear stress parallel to the fracture dip angle, and the expansion direction gradually becomes parallel to the compressive stress direction. With the increase in fracture number, the cohesion and internal friction angle gradually decrease. With the increase in fracture offset distance, the cohesion and internal friction angle first decrease and then increase. A Drucker–Prager strength criterion considering fracture number and offset distance was established. The rationality verification shows that the sample error is within the reasonable range of 1.12–5.24%. Based on the dissipation structure theory, a coal–rock instability model was constructed, dividing the combination body destruction into four stages: quasi-stable state, metastable state, instability, and new stable state. A single-fracture coal–rock energy storage–transport model was constructed, clarifying that energy is mainly accumulated at the two ends of the fracture. When the coal group fracture end is destroyed, part of the energy migrates to the rock group fracture end and is released in the form of rock body destruction or deformation. A multi-fracture coal–rock energy storage–transport model was constructed, revealing that energy is mainly accumulated at the two ends of the fracture group. The research results can provide a useful reference for exploring the mechanical properties of deep fractured coal–rock, revealing the dynamic disaster mechanism of coal–rock combination body and maintaining the safety and stability of underground projects.</p>