Addressing the shortcomings of existing low-frequency oscillation research on electrified railways, which has mainly focused on single-type trains and lacks the accurate modeling of traction inverter systems, in this paper we modeled and analyzed low-frequency oscillations in an electrified railway passenger and freight mixed-operation vehicle–grid system. First, an equivalent model of the DC side of the traction inverter was established, with the inverter system being equivalent to the parallel connection of the load resistance and the current source, and the specific mathematical expression was determined and verified by impedance measurement. Secondly, based on the equivalent model of the DC side of the traction inverter, a small signal model of the vehicle–grid system under the mixed operating conditions of CRH5 and HXD2B considering the inverter system was established. The generalized Nyqusit criterion was used to study the low-frequency oscillation characteristics under mixed transportation conditions. The accuracy of the established model and the correctness of the theoretical analysis were verified based on Matlab/Simulink. Finally, using the dominant pole theory to analyze the low-frequency stability conditions, the relationship between the number of mixed trains and the minimum short-circuit ratio was obtained, and the simulation verification was carried out.