Railway Balise is widely used in the Balise-based train control system to provide accurate location information for the safe operation of trains. In order to evaluate and analyze the functionality and interface test of a new designed Balise more rigorously and accurately, this paper build a magnetic field-circuit coupling model to quantify the internal physical function and external interface performance of the Balise. Based on the electromagnetic field theory, the down-link and up-link magnetic field models were set up which describes the relationship between the Balise and the test antenna. Then based on the equivalent circuit model, the energy conversion circuit model and the data transmission circuit model were derived, and the complete coupling model is established for functionality and interface simulation tests. Moreover, the physical behavior and interface characteristic of Balise in different situations are validated and analyzed, followed by the analysis of magnetic field conformity, I/O characteristics, impedance, start-up behavior, and up-link signal characteristics. The results show the start-up time of the Balise functionality test decreases with increasing down-link magnetic field. Furthermore, Balise impedance can be used as a new dynamic detection parameter of the Balise. Finally, the down-link magnetic field will slightly affect the uplink signal characteristics.