In order to study the contact conditions at different positions of variable-gauge bogie of transnational high-speed trains, the wheel-axle-rail multibody contact finite element models were established. The effects of track gauge, lateral displacement, and profile matching on the contact patch and equivalent stress of wheel-axle and wheel-rail were compared and analyzed. It is concluded that upward bending is produced by the axle in the variable gauge bogie during the operation process. The contact area between the wheel and axle is observed to gradually decrease along the axial direction. The force between the wheel and axle is found to be uneven, and this phenomenon is further affected by changes in lateral displacement. A larger value of wheel-axle equivalent stress is produced by the wheel and axle in the clearance fit compared to the traditional bogie under interference fit. Stress concentration, occurring at the outer end of the wheel seat, is identified as needing more attention during maintenance. Better matching performance is provided by standard XP55 and two kinds of rail in different wheel-rail profile matching, offering a reference for the selection of wheel profiles for variable-gauge bogies.