Polygonal wear is a type of damage commonly observed on the railway wheel tread. It induces wheel-rail impacts and consequent train/track components failure. This study presents a finite element (FE) thermomechanical wheel-rail contact model, which is able to cope with the three possible generation and development mechanisms of polygonal wear: initial defects, thermal effect, and structural dynamics. The polygonal wear-induced impact contact and further development of wear are simulated. The simulated elastic contact solutions are verified against the program CONTACT. Different material properties (elastic, elasto-plastic and elasto-plastic-thermo, i.e. with thermal softening) and initial polygonal profiles are then applied to the FE model to investigate the influence of wheel/rail material and wear amplitude on wheel-rail contact stress and wear development. The simulations indicate that the wheel-rail impact-induced temperature may reach up to 362 ℃ at the contact interface, and the high temperature at the contact area influences wheel-rail contact stress and wear depth.