The mechanical properties of red sandstone subjected to cyclic point loading were investigated. Tests were conducted using MTS servohydraulic landmark test system, under cyclic loadings with constant amplitudes and increasing multi-level amplitudes. The frequencies range from 0.1 to 5 Hz and lower limit load ratios range from 0 to 0.60. Laboratory investigations were performed to find the effect of the frequency and the lower limit load ratio on the fatigue life and hysteresis properties of sandstone. The results show that the fatigue life of sandstone decreases first and then increases with the increase of frequency and lower limit load ratio. Under the same cycle number, the spacing between hysteresis loops increases with rising frequency and decreasing lower limit load ratio. The existence of “training” and “memory” effects in red sandstone under cyclic point loading was proved.