Steel bridge, as one of the main structural types in bridge design, has been widely used in rail transit. However, the train-induced vibro-acoustic problem of the bridge has become increasingly prominent. The vibration and noise characteristics must be more significant and complex than steel truss bridge because of too many components. Viscoelastic damping materials (VDMs) have the characteristics of both viscous liquid and elastic solid, and have better damping performance than other damping materials. Therefore, VDM plays an important role in vibration and noise reduction technology. In applications, VDM is usually combined with constraining materials to form composite viscoelastic damping materials (CVDM). In this paper, based on the dynamic receptance method and superposition principle, the coupling model of vehicle–track–bridge in the frequency domain is first established, and then the vibration and noise prediction model of a steel truss bridge with CVDM is established based on RUK theory and statistical energy analysis (SEA) method. Based on the prediction model, the natural dynamic characteristics of typical components of steel truss bridges with CVDM were investigated, and the control mechanism and influence rule of CVDM on train-induced vibration and noise of steel bridges were revealed.