The service requirements of highspeed railway bogies were that the yield strength, the tensile strength and the lowtemperature impact energy of -40 ℃ were not less than 390 MPa, 510 MPa and 34 J, respectively, meeting the service life of 30 years. The chemical composition of the test steel with high toughness, corrosion resistance and easy welding was designed. The microstructure and mechanical properties were adjusted by controlling the rolling and the cooling method. The mechanical properties and microstructure of the experimental steel were tested and analyzed by the tensile test, impact test and scanning electron microscope. The results showed that the composition of the weathering steel for 390 MPa highspeed railway bogie was reasonable, and the mechanical properties met the requirements. When the finishing temperature was 850 ℃ and the cooling rate was 7 ℃/s to 550 ℃, the overall performance was best. At this time, the yield strength was 487 MPa, the tensile strength was 596 MPa, and the lowtemperature impact energy of -40 ℃ was 216 J.