Energy is an internal variable during rock deformation and failure, and its dissipation and conversion law can reflect the rock’s internal damage and deterioration state. Analysis of rock deformation and failure process from the perspective of energy is helpful to deeply understand the mechanism of rock damage, fracture and instability failure, and has important theoretical and practical significance for the stability evaluation and support control of surrounding rock. In this study, through single cyclic loading and unloading (SCLU) experiments, cyclic triaxial loading and unloading (CTLU) experiments and conventional triaxial compression (CTC) experiments, the equivalent elastic modulus method based on elastic strain energy is proposed to analyze the energy conversion of rock. The results show that the error of the elastic strain energy calculated by the strain energy formula method is generally higher than 10% with the secant and tangent modulus of the loading and unloading curve as input parameters. Taking the equivalent elastic modulus proposed in this study as an input parameter, more accurate elastic strain energy can be obtained by the strain energy formula. During the rock failure process, the equivalent elastic modulus shows a three-stage characteristic of increase, steady and decrease. The equivalent elastic modulus can be estimated by the quadratic function between the equivalent elastic modulus and confining pressure and axial strain. Under the same deformation and deviatoric stress, the elastic strain energy stored in rock increases with increasing confining pressure. The local maximum energy dissipation rate corresponds to stress drop, and the peak energy dissipation rate appears near the peak strength. High energy dissipation mainly occurs in a short time after peak strength, and energy release and dissipation are more sudden and severe under high confining pressure.