The wheel–rail contact forces are responsible for hunting instability of high-speed train and fatigue damage of the wheel and rail. The wheel–rail contact forces are usually nonlinear, motion-dependent, time-varying and destabilizing, and cannot be directly measured when the train is in motion. In this paper, we present a useful tool for engineers to estimate the wheel–rail contact forces from train motion signals. In particular, an extended state observer is adopted to estimate the wheel–rail contact forces of a high-speed train bogie from its motion measurements. We make use of the condition for observability of the extended state observer to investigate the design of motion sensors in terms of the needed number and types. The accurate estimated wheel–rail contact forces together with the corresponding motion measurements are then used to estimate parameters of a wheel–rail contact force model with the help of recursive least squares algorithm. Extensive numerical simulations are presented to demonstrate and validate the proposed method. The research concept and proposed method of this paper are innovative. The results indicate that the extended state observer delivers excellent estimation performance for the bogie with a limited number of motion measurements. The new findings of the paper can lead to the development of new tools for engineers to use to monitor the health of wheel and rail from motion signals of the train.