In the current seismic analysis of high-speed railway track–bridge structures, the constitutive parameters of track lateral blocks (TLBs) are not uniform. A finite element model of the TLB’s main beam is established, which considers concrete plastic damage, interface bond between old and new concrete, and bond slip between anchorage steel bars (ASBs) and concrete. Quasi-static tests of nine TLBs with different numbers and ASB diameters at a 1:2 scale was carried out to verify the accuracy of the TLB finite element model in terms of the failure pattern, interface damage, hysteretic properties, and skeleton model. Based on the verified TLB finite element model, the influence of different TLB design parameters on its seismic performance parameters was studied. The results show that the established TLB finite element model is in good agreement with the test data in terms of failure pattern, interface damage, hysteretic properties, and skeleton model, which verifies the accuracy of the TLB finite element model. ASB number has the greatest influence on the TLB yield load, followed by ASB diameter, concrete strength, ASB strength, and ASB spacing. ASB diameter has the greatest influence on the TLB peak load, followed by ASB number, ASB strength, concrete strength, and ASB spacing. ASB diameter has the greatest influence on the TLB energy dissipation capacity, followed by ASB number, concrete strength, ASB strength, and ASB spacing. With the increase in concrete strength and ASB strength, TLB ductility decreases. When the ASB number is higher than eight or the diameter is higher than 12 mm and the corresponding interfacial steel bar ratio reaches 0.82%, the TLB ductility will decrease.