As the speed of high-speed trains increases, the vehicle’s lateral stability steadily deteriorates. There have been observations of abnormal vibrations in the tail car, particularly on certain sections of the railway line. This study built a high-speed train aerodynamic simulation model for a three-car consist, and a multibody dynamics simulation model for an eight-car consist based on numerical simulations of train aerodynamics and multibody dynamics. It investigated both steady and unsteady aerodynamic loads, flow field characteristics, and the dynamic performance of vehicles under varied aerodynamic loads at 400 km/h. The results indicate that the aerodynamic loads generated during high-speed train operation exhibit highly unsteady characteristics. Steady aerodynamic loads have a relatively minor impact on the vehicle’s dynamic performance, whereas unsteady loads exert a more significant influence. Under unsteady aerodynamic forces, the tail car experiences severe lateral vibrations. The lateral stability index, displacement, velocity, and acceleration of the tail car under unsteady conditions were measured at 2.26, 7.54 mm, and 0.53 m/s2, respectively. These values represent increases of over 17.71%, 148.84%, and 111.24%, respectively, compared to the steady loads. Large oscillation amplitudes result in more significant lateral displacements and accelerations of the vehicle. This phenomenon is a crucial factor contributing to the “tail swing” effect observed in high-speed trains. This study emphasizes the importance of considering unsteady aerodynamic effects in assessing the lateral stability of high-speed trains and highlights the significance of mitigating the adverse impacts of such dynamic responses, particularly in the tail car.