The suitability of carbide-free bainite steel as railway wheel materials was investigated. The low-medium carbon Si-Mn-Mo-V steel was designed to make railway wheels by forging and rolling. The slack quenching with water was conducted on the tread of rim section by programmed control to simulate isothermal heat treatment after being austenitized. Microstructures and mechanical properties have been studied. The results indicate that the microstructure of the rim is mainly carbide-free bainite, and the mixed microstructure of bainitic ferrite and granular bainite is observed in web and hub. The mechanical properties are superior to both the standard requirements and the commercial production, such as CL60 plain carbon. The Charpy impact energy is relatively high at room and/or subzero temperatures. The force-displacement curves and fractographies reveal the excellent ability of resistance to crack initiation and propagation.