In this study, a uniaxial compression experimental was conducted to examine the mechanical properties of hardened cemented paste backfill (CPB) with different water saturations (0.18%, 4.98%, 9.30%, 21.6%, 32.8%, and 100%). The experimental results demonstrated that water saturation loosened the overall structure of the CPB, which led to the deterioration of its mechanical properties. As the water saturation increased, the uniaxial compressive strength (UCS), residual strength, strength difference, deformation modulus, secant modulus, E50 (the secant modulus at 50% of the UCS), peak strain, and elastic strain decreased, while the plastic strain ratio increased. The UCS, E50, and peak strain demonstrated exponential function relationships with the water saturation. After the peak point, when the water saturation was less than 20%, the strength of the CPB decreased rapidly, and when the water saturation was greater than 30%, the strength decreased slowly. Lastly, the plastic strain, the strain at 50% of the UCS, and the strain at the maximum secant modulus conformed to the normal distribution, and the water saturation had a minimal impact on these three strains. The fractal dimension, D, of the cracks in the CPB increased exponentially with increasing water saturation and demonstrated a negative linear correlation with the UCS.