Effective thermal management of locomotive systems is crucial for ensuring the safe operation of trains through high geothermal tunnels. By taking advantage of the frequent alternation of high-temperature tunnels and cold climate environment, a self-satisfying cooling system based on cold energy storage is proposed, in which a phase change heat exchanger between air and phase change material (succinic acid with 20 wt% expanded graphite) is developed to store cold energy outside tunnels and improve air-cooling efficiency inside tunnels. Numerical models are established to examine the thermal environment in a typical tunnel and the effectiveness of the proposed cooling system. The results indicate that because of the heat exhausted from the train and the thermal dissipation from the surrounding hot rock, the air temperature in the tunnel can rise above 50 °C. The proposed cooling system can release the cold energy from phase change material to keep the air outlet temperature below 40 °C, increasing the energy efficiency and reliability of locomotive operation. By examining the effects of locomotive operating conditions and orthogonal analysis of multi-factors, the heat exchanger structure and other operating conditions are recommended for the self-satisfying cooling system. Finally, the cooling system’s effectiveness is confirmed for the full-line operation of the locomotive along the Ya’an-Nyingchi section of the Sichuan-Tibet Railway in both summer and winter climatic conditions. This study is significant because it provides a novel design scheme for locomotive’s thermal management in high geothermal tunnels and other similar engineering conditions with natural cold sources.