In order to study the effect of freezing and thawing of liquid nitrogen on the mechanical and seepage characteristics of coal rock with different water content values, conventional triaxial loading tests on freeze−thawed coal samples with different water content values were carried out using non-contact digital image processing technology. The research results showed that with the same water content, the peak strength of a liquid nitrogen freeze−thawed coal sample was smaller than that of a non-freeze−thawed coal sample, and the Poisson’s ratio was larger than that of the non-freeze−thawed coal sample; compared with the non-freeze−thawed coal sample, the strain fluctuation and concentration in the stages of compression density, elasticity, yield, and damage were weakened after freeze−thawing by liquid nitrogen, but the local stress concentration was more obvious; the non-freeze−thawed coal sample mainly showed single shear damage, and the damage fissures were inclined fissures with small openings. The higher the water content, the more obvious the tensile damage; with the increase in water content, the permeability of non-freeze−thawed coal samples showed a linear decreasing trend, and the permeability of coal samples was 0.03 × 10−3 μm2 when the water content reached 9%. The permeability of freeze−thawed coal samples showed a non-linear increasing trend, and the higher the water content under the effect of expansion, the faster the permeability growth rate; the permeability of coal samples could reach 6.30 × 10−3 μm2 when the water content was 9%. The results of the study can provide a theoretical guidance for gas permeation enhancement in deep low-permeability coal seams.