Collapsible loess has special sensitivity to water, and its engineering mechanical properties deteriorate significantly after immersion in water, causing the foundation to sink, which seriously threatens the safety and stability of the high-speed railway subgrade under train vibration loading. Studying this effect is essential to prevent and control the disasters of high-speed railway subgrades. In this study, a model with the function of simulating foundation settlement is established to conduct disaster testing of high railway subgrade under train vibration loading. The results indicate that when different foundation shapes are settled, the surface of the subgrade under static load is gradually settled in a short time, and the settlement value of the track surface is lower than that of the corresponding subgrade surface. Under train vibration load, the maximum dynamic settlement occurs at the middle of the subgrade slope, which is smaller than the corresponding settlement under static load. The number of stabilization times required from different monitoring positions on the subgrade surface is different under different excitation forces, and the number of stabilization times required is more in the middle of the subgrade slope and the slope shoulder. The influence of train speed on subgrade has a critical respond speed that increases with increasing vibration times. There are horizontal, vertical and 45° angle cracks in the middle of subgrade slope. It is qualitatively assessed that the slope of the high-speed railway subgrade in the collapsible loess area is unstable under the effect of train load. The data and rules provided in this document provide some reference values for the construction of a high-speed railway in the collapsible loess area.