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An effective technique is proposed for identifying the track modulus, i.e., the foundation stiffness of the rails, using the contact-point response of the moving test vehicle. First, for a simple beam resting on an elastic foundation under a moving sprung mass, closed-form solutions are derived for the responses of the vehicle and its contact point with the rail. It is shown that the track modulus can be well identified via the first rail frequency (RF) extracted from the contact-point response, in that (1) the first RF is most outstanding compared with the other RFs in the vehicle-generated responses; and (2) the contact-point response outperforms the vehicle response as it is free of the disturbing effects of the vehicle and driving frequencies. The proposed technique is then verified numerically along with the key parameters assessed. The main conclusions are: (1) the first RF can be easily recognized as the “cliff” of the RF “plateau” in the contact-point spectrum; (2) the track irregularity has a little effect on the identification of track modulus; (3) a moderate speed is recommended for the test vehicle for a balance between efficiency and accuracy; and (4) the efficacy of the proposed technique remains good even with the presence of track damping and irregularity. Moreover, the application of the proposed technique to detecting the damage modeled by variation in foundation stiffness is demonstrated.