Due to the variable operating conditions and strong background noise, the accuracy of modal parameter identification of the railway vehicle bogie is low. This paper proposes a method for identifying operational modal parameters by combining the K-value optimization variational mode decomposition (KVMD) and second-order blind identification (SOBI) method (KVMD–SOBI method). Firstly, the variational mode decomposition (VMD) algorithm is used to adaptively decompose a single-channel vibration signal into intrinsic mode function (IMF) components with different scale characteristics. The feature IMF components are selected through the K-value optimization method based on energy ratio and stability graph. Then, the SOBI algorithm is used to separate the matrix composed of the feature IMF components. And the mode shape and single-mode signal are obtained. Finally, the natural frequency and damping ratio of each order mode are extracted by the single-mode parameter recognition method. Through simulation and experimental verification, it is shown that the proposed method has good noise robustness and can effectively identify the first three modal parameters of railway vehicle bogies in variable-speed operation. At the same time, the feature IMF components extracted by KVMD algorithm eliminate the sensitivity of sensor installation positions and operating conditions to detection results. Therefore, this method is an excellent operational mode identification method based on a single-channel signal with good noise and working condition robustness.