The key dimensions of train wheelsets change with the increase of running time. To ensure the safe operation of the train, the key dimensions should meet the relevant technical requirements. Maintenance of wheelsets and measurement of key dimensions are important part of the daily maintenance work. A rapid measurement method for key dimensions of hand-held wheelsets integrating multiple parameter measurements is studied. The general framework of the system is examined and the roles of the modules are described. A rapid measurement algorithm for key dimensions of wheelsets based on image processing algorithms is studied. The optical center for the initial position of the continuous line spot is searched. The continuous line spot center extraction algorithm during tread measurement is optimized. A three-dimensional model is reconstructed using point cloud data, then key dimensions are measured and calculated from the model. In order to verify the feasibility of the method, traditional measurement methods are used for comparison tests. The results show that the method is effective in the daily maintenance of trains.