A design method of railway wheel profile with objective function of equivalent conicity considering wheel dimension constraint, two points contact problem between wheel and rail was proposed. New design method shows good results. New wheel profile generated from optimization process shows better dynamic performance compared with initial profile as the purpose of wheel profile design. And to verify the design method with testing the stability of new wheel profile, we conducted a critical speed test for new wheel profile using scale model applied scaling method of railway vehicle dynamics. The result of critical speed test show good agreement with that of numerical analysis. From the above results, it is seen that the design method with objective function of equivalent conicity is feasible and it could be applied to design new wheel profile efficiently.