In order to investigate the effect of a high temperature-water cooling cycle on the acoustic emission characteristics of the granite splitting process, Brazilian splitting tests were conducted on granite disc specimens treated with high temperature–water cooling (cycle times 1, 5, 10, 15, 20) from 250 to 650 °C. The relationship between the acoustic emission count, cumulative acoustic emission number, amplitude distribution, and the maximum energy of the specimens and temperature as well as the number of hot and cold cycles were investigated, and the relationship between the acoustic emission changes and specimen damage during the splitting of the granite specimens after the high temperature-water cooling cycle was discussed and analyzed. The test results show that the acoustic emission changes in the splitting process of granite disc specimens have obvious hot and cold shock effects, and that the acoustic emission α value and amplitude density of the specimens at the initial stage of splitting show an increasing trend with an increasing number of hot and cold cycles, and the amplitude distribution is more obviously affected by temperature. When the temperature is low and the number of hot and cold cycles is small, the maximum energy value at the peak stress point is larger, and the maximum energy value tends to decrease gradually as the temperature increases and the number of cycles increases.