The disparity in stiffness and differential settlement between the subgrade and rigid structures can lead to track irregularities within transition sections, resulting in significant train vibrations and impacts. This study proposes an adjustable–height subgrade structure for transition sections by introducing a raft slab to divide the subgrade into upper and lower parts. When settlement occurs in the subgrade, the raft slab can be elevated using height–adjustment techniques to compensate for the settlement. To this end, large–scale physical model tests are conducted under train loading to verify the design's rationality and to elucidate the influence of settlement magnitude and train speed on the stress and deformation of the slab. The experimental results indicate that the maximum principal stress and maximum shear stress of the slab generally increase with settlement magnitude and train speed, and the area near the abutment end is the most unfavorable position for the deformation of the slab. However, it is still lower than the design compressive strength of the C40 concrete structure. Thus, the designed adjustable–height structure meets the load–bearing requirements under train loading. Additionally, a numerical simulation model of the adjustable–height structure is developed to investigate the recovery capabilities and stress distribution of the settled raft slab. The results indicated that whether the lifting operation employed linear load or equal load methods, the raft slab primarily endured compressive stress, and there is stress concentration at the lifting points. For the same lifting displacement, the linear load method proved to be more reasonable than the equal load method. These findings have significant practical and theoretical implications for ensuring the safe and smooth operation of high–speed railways, effectively addressing the post–construction settlement deformation control challenges in ballastless track transition sections.