In order to research the temperatures and dynamic characteristics of wheel/rail at different creep ratios, a thermal-mechanical coupling model of 3-D wheel/rail-foundation contact system and a new experimental device are introduced. The results indicate the temperatures ascend gradually with the growth of creep ratios, the maximum temperature of wheel and rail surface is respectively 626.1 °C and 514.2 °C. Because of the thermal effects, the accelerations of wheel/rail descend gradually with the rise of creep ratios. The influences of creep ratios on the vertical displacements are not obvious. The maximum absolute vertical displacement of wheel and rail is respectively 1.16 mm and 1.33 mm. And the normal contact force of wheel/rail and the dynamic factor ascend gradually with the rise of braking speeds.