The vibration data of the gearbox on a high-speed train was measured, and the vibration characteristics were analyzed in this paper. The dynamic stress of the gearbox under the internal and external excitation was examined by a railway vehicle dynamic model with a flexible gearbox and a flexible wheelset. The ideal 20th polygonal wear was considered, and dynamic stresses of the gearbox under different polygonal wear amplitudes were calculated. The gear transmission model was established to study the dynamic stress of the gearbox under the influence of the time-varying stiffness of the gear meshing. Based on the rigidâflexible coupling model, and considering the influence of wheel polygonization, gear meshing time-varying stiffness, and wheelset elastic deformation, the dynamic stress of the gearbox was investigated with consideration of the measured polygonal wear and measured rail excitation. The results show that the dynamic stress of the gearbox is dominated by the wheel polygonization. Moreover, not only the wheel polygonization excites the resonance of the gearbox, but also the flexible deformation of the wheelset leads to the deformation of the gearbox, which also increases the dynamic stress of the gearbox. Within the resonant bandwidth of the frequency, the amplitude of the dynamic stresses in the gearbox will increase considerably compared with the normal case.