After the wheels of rail vehicles have been running for a long time, the polygon effect often causes a series of changes in the dynamic response of the vehicle-rail system, and the vibration response of the vehicle and the track also becomes more intense. This will cause the degradation of the vehicle dynamics performance, and cause intense noise of the wheels and the track, which in turn affects the comfort of the ride and the stability of driving. In order to study the impact of wheel polygon on the dynamic performance of high-speed trains, based on the theory of vehicle system dynamics, this paper takes the CRH3 rolling stock as a prototype, and studies its vehicle dynamic performance under the condition of wheel polygon wear. Firstly, a vehicle-rail coupled dynamics model considering rail, wheelset and axle-box flexibility is established to study and analyze the vehicle dynamics performance under wheel polygonal wear, which mainly includes vehicle stability, ride comfort, axle-box vibration acceleration, wheel-rail force and axle dynamic stress. It can be seen through the analysis that low-order wheel polygonal abrasion has a small impact on the stability and ride smoothness of the vehicle; high-order wheel polygonal abrasion has a high excitation frequency of the wheelset, and its transverse component makes the vehicle dynamics deteriorate slightly at high speeds. The high-frequency wheel-rail vertical force due to wheel polygonal wear causes large axle-box vibration acceleration and axle stress fluctuation.