To address the contradiction between ride comfort and handling stability, a new vibration-absorbing wheel structure with time-delay feedback control was proposed by applying a time-delay feedback-controlled dynamic vibration absorber to the wheel structure. Using H2 optimization and the particle swarm optimization algorithm (PSO), the design parameters of the time-delay vibration-absorbing wheel structure were obtained with sprung mass acceleration (SMA), suspension deflection (SD) and dynamic tire deflection (DTD) as the optimization objective functions. The stability interval of the system was analyzed using the Routh–Hurwitz criterion and the Sturm criterion. The vehicle vibration reduction performance of the new vibration-absorbing wheel structure was simulated and verified in the time domain under harmonic excitation and random excitation. The simulation results show this new structure can effectively solve the contradiction between the ride comfort and handling stability. It provides a new technical idea for reducing vehicle vibration.