In order to alleviate the trade-off between vehicle ride comfort and derailment safety offered by the passive anti-roll bar (ARB), this study proposes a semi-active hydraulically interconnected variable stiffness anti-roll system (HIVSAS). The HIVSAS has the advantage of providing non-constant, multi-mode anti-roll stiffness and even removing it. First, based on the mathematical model of the main components of the HIVSAS, the physical parameter model is built in AMESim. The accuracy of the model is verified by bench tests. Then, the effect of the key parameters of the HIVSAS on the anti-roll stiffness characteristics is analysed. Finally, the dynamic performance of three vehicles equipped with different anti-roll systems is investigated by numerical co-simulation. The straight and curved (with a radius of 600 m) tracks are high-speed rail lines in China. The simulation results show that both the lateral ride comfort and the derailment safety of the HIVSAS-equipped High Speed Train (HST) are improved when exposed to rail irregularities and crosswind coupled excitation. Even accounting for flexible carbody, the HIVSAS-equipped HST outperforms in lateral comfort. The HIVSAS provides a feasible and practical research route for the anti-roll system, improving the line adaptability, curve passing speed and ride comfort of railway vehicles.