A wheelset is one of the most severely worn components of railway bogies. Its health condition has a significant impact on the safety and comfort of railway trains. Moreover, wheelset maintenance costs account for a sizeable part of the railway operating company. Therefore, it is essential to investigate executable maintenance strategies for wheelsets. In this paper, a maintenance strategy that combines periodic inspection and preventive maintenance is proposed. The wheel flange and wheel diameter deterioration models are established by the compound Poisson process based on the cumulative shock from the failure mechanism, and the Weibull distribution is adopted for modeling wheel tread failure probability. The age reduction factor is introduced to describe the maintenance effect. Then, the joint maintenance optimization model is constructed to determine the periodic inspection interval and the reprofiling strategy, with the objective of achieving a minimum maintenance cost rate and with the wheel flange thickness failure as the failure risk constraint. Lastly, a case study is provided, and the results show that, compared with the two conventional maintenance strategies with fixed inspection periods, the maintenance strategy proposed in this paper can reduce the maintenance cost rate by 27.06% and 12.0%, respectively. Moreover, the life span is prolonged by 11.51% and 11.98%, respectively.