Rail corrugation is a problem that have perplexed the researchers and administrators in railway engineering for many decades with complex formation mechanism and various affecting factors. In this paper, two finite element models includes the track system and the wheelset with an inner axlebox type bogie and with an outer axlebox type bogie are established to analyze the stability of the system using the complex modal analysis. The multibody dynamic analysis of the vehicle-track system is conducted to determine the relevant parameters that are the foundation of the finite element analysis. The effect of the axlebox arrangement of the bogie, the damping and stiffness of primary spring, the lateral spacing between the primary suspension points and the weight of the bogie and the carbody on corrugation are investigated. The results show: the inner axlebox type bogie is favorable for suppressing the rail corrugation. When the lateral spacing between the primary suspension points is 0.86 m, the effect to suppress the rail corrugation is best. The higher the vertical stiffness of the primary spring, the more easily the rail corrugation occurs. Too high or too low vertical damping of the primary spring can easily cause rail corrugation. The heavier the vehicle and the bogie, the greater the possibility of the rail corrugation occurrence.