Maintenance of Railway rolling stock is usually scheduled based. However, the mechanical parts, especially the wheelset may wear down prematurely due to several factors such as excessive braking and traction forces and environmental conditions. This makes the scheduled maintenance less effective and sometimes it results in derailments. This paper presents a deep learning-based technique to detect wheel conditions so that maintenance can be performed promptly and efficiently. A time series dataset of axle vibrations is generated using a simulation model of the wheelset. The dataset is then used to train and test the deep learning model. Long short-term memory (LSTM) architecture is selected for this application since it is designed to perform better for time series datasets. The results show good performance in terms of training and testing accuracy. The model is tested in different defect scenarios and the mean square error in the prediction of railway wheelset parameters is around 15%.