Despite the increasing understanding of bentonite behaviour, there is still missing evidence on how different hydro-mechanical loadings, including sequences of hydration and compression, affect the fabric and the volume change behaviour of the material. It is generally assumed that the interplay between the behaviour of clay assemblages and the overall fabric of the material is the reason of having final states that are dependent on the stress path followed. Here the results of an experimental campaign aiming to study these factors are reported and discussed. Free swelling and swelling pressure tests were performed, both followed by compression to a relatively high stress. The experimental program involved various samples that were dismantled at intermediate states in order to perform microstructural observations by means of mercury intrusion porosimetry and electronic scanning microscopy. It was observed that while the void ratio at a given stress level depends on the stress path, subsequent compression led to a unique virgin compression line. The data obtained at the microscale gave further insight for an interpretation of the volume change behaviour observed at the macroscale, showing that at high stress the material tends to recover the same fabric regardless of the path to saturation.