As an important part of the boundary conditions on both sides of the high-speed railway track–bridge system, the seismic response of the subgrade structure is different from that of the bridge structure. This difference has become increasingly significant with the widespread adoption of continuous welded rail technology in bridge construction. Therefore, investigating the seismic response of the bridge system, with a specific focus on the longitudinal constraint effects of the subsequent subgrade track structure, is of paramount importance. Utilizing finite element software, two distinct bridge models are developed: one incorporating the subsequent subgrade track structure and another excluding it. Through nonlinear time history analysis under varying seismic intensities, it is demonstrated that the longitudinal constraint of the subsequent subgrade track structure mitigates the longitudinal displacements and internal forces in critical components of the high-speed railway track–bridge system. Concurrently, acknowledging the heightened complexity and cost associated with post-earthquake repairs of the bridge structure compared to subgrade structure, this study uses a risk transfer connecting beam device. This device can redirect seismic damage from bridge structure to subgrade structure, thereby potentially reducing post-seismic repair expenses for the bridge.