This paper focuses on a comprehensive study of a four-axle vehicle, including dynamics analysis, equivalent modeling methods, and their comparison. Firstly, a linear two-degree lateral dynamic model is established, which has four drive axles and two steer axles. Secondly, the mathematical transfer function expressions for the yaw rate and the centroid sideslip angle were derived on the basis of the model. The steady-state parameters, such as yaw rate gain Gγss, centroid sideslip angle gain Gβss, stability factor Kn, equivalent axial distance ln, and equivalent centroid sideslip angle coefficient Kn’ were obtained by using the transfer functions. Then, the steady-state and transient characteristics are roundly discussed, including steady-state parameters, system root trajectory, frequency domain, and time domain. Some recommendations for the four-axle vehicle’s parameter design are also given. Finally, for a more simple and efficient analysis of response characteristics of four-axle vehicles and even n (n > 4) axle vehicles, the equivalent model is developed for the four-axle vehicle, and comprehensive analyses are presented with four equalization methods, which are based on the inner heart of the approximation triangle, the outer heart of the approximation triangle, the center of gravity of the approximation triangle and the compensation point. Following a thorough analysis of the four, it is determined that the inner approximation triangle solution approach is most suited for four-axle vehicles.