Components made of composite materials are being increasingly used in the construction of rolling stock. Currently, the use of components made of composite materials as train structural elements is increasingly being considered. Non-structural components made of composites are most often found inside rail vehicles (e.g., the interior lining), while structural components made of sandwich composite materials can be used for the roof, sidewalls, and underframe constructions. This article provides a description of an innovative sandwich composite developed for a metro’s underframe, as well as the production process and preparation of the composite specimens. The main parts of the work are flammability and mechanical (static and fatigue) tests of the innovative sandwich composite. The scope of the flammability tests included the testing of the fire properties using the radial plate method, the optical density of smoke, and the content of toxic gases. The mechanical strength of the sandwich composite was examined during a flexural (three-point bending) test and a fatigue strength under a given dynamic load. The results presented in the article are very significant, both in terms of flammability and the mechanical strength tests. In order to produce large-size train components, appropriately large patches of component layers of the composite are required; this may pose production problems.