The 24 GHz continuous-wave (CW) Doppler radar sensor (DRS) is widely used for measuring the instantaneous speed of moving objects by using a non-contact approach, and has begun to be used in train-borne movable speed measurements in recent years in China because of its advanced performance. The architecture and working principle of train-borne DRSs with different structures including single-channel DRSs used for freight train speed measurements in railway freight dedicated lines and dual-channel DRSs used for speed measurements of high-speed and urban rail trains in railway passenger dedicated lines, are first introduced. Then, the disadvantages of two traditional speed calibration methods for train-borne DRS are described, and a new speed calibration method based on the Doppler shift signal simulation by imposing a signal modulation on the incident CW microwave signal is proposed. A 24 GHz CW radar target simulation system for a train-borne DRS was specifically realized to verify the proposed speed calibration method for a train-borne DRS, and traceability and performance evaluation on simulated speed were taken into account. The simulated speed range of the simulation system was up to (5~500) km/h when the simulated incident angle range was within the range of (45 ± 8)°, and the maximum permissible error (MPE) of the simulated speed was ±0.05 km/h. Finally, the calibration and uncertainty evaluation results of two typical train-borne dual-channel DRS samples validated the effectiveness and feasibility of the proposed speed calibration approach for a train-borne DRS with full range in the laboratory as well as in the field.