For high-speed railway (HSR), an essential characteristic of the propagation channels is the specific spatial–temporal correlation caused by a dominant strong line-of-sight (LOS) component. Multiple-antenna gain is therefore far from being achieved due to this strong channel correlation. However, it is interesting to note that if the resulted intercarrier interference (ICI) is elaborately controlled, high mobility may decrease the channel correlation. Spatial modulation (SM) is one of the promising multiple-antenna technologies for wireless communication systems, which needs only the activation of one transmit antenna to convey information bits implicitly through the index of the active transmit antenna, in addition to conveying information bits through modulation symbols during transmission. In SM, ICI is avoided, which therefore helps in the implementation of the idea of decreasing channel correlation by increasing the velocity in an HSR scenario. In this paper, the performance of massive SM multiple-input multiple-output (MIMO) over a spatial–temporal correlated Rician fading channel is investigated under an HSR scenario. The impacts of velocity, Rician factor K, and signal-to-noise ratio (SNR) are discussed. In addition, the correlation factor and the correlation comparison function are defined as metrics of channel correlation. We theoretically find out that higher velocity makes the impact of temporal correlation more dominant, which weakens the influence of spatial correlation. In other words, spatial correlation can be weakened by high mobility. Our theoretical analysis and simulations further demonstrate that, with an appropriate scheme, massive SM MIMO outperforms Vertical Bell Laboratories Layered Space–Time (VBLAST), except at a lower SNR region with high velocity (usually more than 360 km/h). Consequently, massive SM MIMO is a promising solution within an appropriate range of velocity for HSR wireless communication systems.