Considering the impact of time delay in the lateral stiffness of the primary suspension and stochastic disturbances of equivalent conicity on the wheelset system, a stochastic time-delayed wheelset system is established. The wheelset system is transformed into a one-dimensional Itô stochastic differential equation using central manifold and stochastic averaging methods. The analysis of the system's stochastic stability is conducted through the maximum Lyapunov exponent and singular boundary theory. The combination of the stationary probability density method and numerical simulation is employed to discuss the types and conditions of stochastic P-bifurcation in the wheelset system. The results indicate that changes in speed and time delay induce stochastic P-bifurcations in the wheelset system, while changes in noise intensity do not lead to stochastic P-bifurcations. Both time delay and equivalent conicity affect the critical speed of the wheelset system, and the critical speed gradually increases with the decrease of time delay and equivalent conicity.
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