The dilatancy equation, which describes the plastic strain increment ratio and its dependence on the stress state, is an important component of the elastoplastic constitutive model of geotechnical materials. In order to reveal their differences of the dilatancy value determined by the total volume strain increment ratio and the real value of lean cemented sand and gravel (LCSG) materials, in this study, a series of triaxial compression tests, equiaxial loading and unloading tests, and triaxial loading and unloading tests are conducted under different cement contents and confining pressures. The results reveal that hysteretic loops appear in the stress–strain curves of equiaxial loading and unloading tests, and triaxial loading and unloading tests and that the elastic strain is an important component of the total strain. The hysteretic loop size increases with an increase in the stress level or consolidation stress, whereas the shape remains unchanged. Furthermore, with an increase in the cement content, the dilatancy value determined by the total volume strain increment ratio becomes smaller than that determined by the plastic strain increment ratio, and the influence of the elastic deformation cannot be ignored. Thus, in practical engineering scenarios, especially in the calculation of LCSG dam structures, the dilatancy equation of LCSG materials should be expressed by the plastic strain increment ratio, rather than the total volume strain increment rati.