On-board train control equipment is an important component of the Train Control System (TCS) of railway trains. In order to guarantee the safe and efficient operation of the railway system, Predictive Maintenance (PdM) is significantly required. The operation data of the on-board equipment allow us to build fault prediction models using a data-driven approach. However, the problem of unbalanced fault samples makes it difficult to achieve the expected modeling performance. In this paper, a Conditional Generative Adversarial Network (CGAN) is adopted to solve the unbalancing problem by generating synthetic samples corresponding to specific fault labels that belong to the minority classes. With this basis, a CGAN-enhanced eXtreme Gradient Boosting (XGBoost) solution is presented for training the fault prediction models. From the pre-processing to the field data, artificial fault samples are generated and integrated into the training sample sets, and the XGBoost models can be derived with multiple decision trees. Both the feature importance sequence list and the knowledge graph are derived to describe the characteristics obtained by the models. Filed data sets from practical operation are utilized to validate the proposed solution. By comparison with conventional machine learning algorithms, it can be found that higher accuracy, precision, recall, and F1 scores, which are up to 99.76%, can be achieved by the proposed solution. By involving the CGAN strategy, the maximum enhancement to the F1 score with the XGBoost approach reaches 6.13%. The advantages of the proposed solution show great potential in implementing equipment health management and intelligent condition-based maintenance.