The rack railway is widely used in mountainous areas for its strong climbing ability. However, its dynamic characteristics have been reported only in very limited literature, especially in the field test. Therefore, this study presents a systematic dynamic test and detailed analysis of a rack vehicle-track system. Firstly, the vibration accelerations of the rack vehicle components, the wheel-rail forces, and the rack tooth bending stress are tested. Then, the interactions of the wheel-rail and gear-rack systems, the rack’s load characteristics, and the rack vehicle’s vibration characteristics are analyzed. The results indicate the complicated interactions between the wheel-rail contact and the gear-rack mesh, particularly in the curved sections. Furthermore, the vibrations of the rack vehicles primarily originate from gear-rack engagements, as well as impacts at rack joints, and these vibrations are partially alleviated by the suspension system. This study may provide valuable references for dynamic simulation of rack vehicle-track coupled systems.