This study focuses on the evaluation on deformation induced by periodic saturation of a sandstone–mudstone particle mixture. Two types of triaxial tests, without and with periodic saturation, were performed. The strain–stress relationships from the two types of tests indicate that the periodic saturation may induce an increment of axial strain (Δε), and the Δε values are related to the ratio of confining to atmospheric pressure (σ3/pa), stress level for periodic saturation (L), and number of periodic saturation or cycles (N). The values of Δε are increasing along logarithmic curves with increment of N value from 1 to 20, and increase along straight lines with increasing L value from 0.18 to 0.82 or σ3/pa value from 1 to 4. Based on the analyses of experimental data, a logarithmic fitting equation, which is a function of N, L, and σ3/pa, is suggested to predict the Δε value. And based on the fitting equation and simple analyses on stress state, another equation, which may be used to estimate the settlement induced by periodic saturation of a large-area foundation filled using the sandstone–mudstone particle mixture, is also suggested.