Rolling contact fatigue and wear on rails are inevitable in railway operations due to excessive wheel–rail contact stress. The wear is influenced by vehicle speed, contact pressure, environmental conditions, and many other factors. Speeding on a curved track causes many problems such as wear on the gauge of the rail and rolling contact fatigue. Managing environmental conditions can reduce problems on the wheel and rail interface. In this study, the wear characteristics of wheel and rail materials were investigated by twin-disc testing using various parameters. The results of the wear test indicated that the wear rate under dry conditions was larger than that under wet conditions. We found that contact fatigue damage occurred on the rail in dry conditions, however, the surface of the specimen under water remained smooth. Also, the friction coefficient in dry conditions was larger than in wet conditions.