A high-speed solenoid valve is a key component of the braking system. Accurately predicting the failure type of the solenoid valve is an important guarantee for safe operation of the braking system. However, electrical, magnetic, and mechanical coupling aging mechanism; individual differences; and uncertainty of aging processes have remained major challenges. To address this problem, a method combining physical indices and data features is proposed to predict the failure type of solenoid valve. Firstly, the mechanism model of the solenoid valve is established and five physical indices are extracted from the driven current curve. Then, the frequency band energy characteristics are obtained from the current change rate curve of the solenoid valve by wavelet packet decomposition. Combining physical indices and frequency band energy characteristics into a comprehensive feature vector, we applied random forest to both predict and classify the failure type. We generate a data set consisting of 60 high-speed solenoid valves periodically switched under accelerated aging test conditions, including driven current, final failure type, and switching cycles. The prediction result shows that the proposed method achieves 95.95% and 94.68% precision for the two failures using the driven current data of the 3000th cycle and has better prediction performance than other algorithms.