A nonlinear wagon–track model on curved track has been developed to characterize rail corrugation formation due to self-excitation of the wheel–rail stick–slip process. In this model, wagon movements were described using up to 78 degrees of freedom (DOFs) to model a three-piece freight bogie. Innovatively, the wheelset movements are described using nine DOFs, including torsional and bending modes about the longitudinal and vertical directions. The track modelling is considered as a one-layer structure (two rail beams on discrete spring and damper elements). The wheel sliding after creepage saturation is considered in the wheel–rail interface modelling. Simulation of a case study shows that the frequencies of the wheel stick–slip process are composed of the basic frequency, which might come from the combined effect of sleeper-passing frequency and one-third of the combined torsional and bending frequency of the wheelset, and the double and triple basic frequencies, which form the wavelengths of rail corrugation at different situations.