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Spalling in contact surface of rail is a typical form of rolling contact fatigue, which is a difficult problem to solve in railway. Once the spalling occurs in the rail, the wheel-rail dynamic interaction will become more severe. The wheel-rail dynamic interaction is investigated based on the theory of vehicle-track coupled dynamics in this paper, where the excitation modes of the rail spalling failure are taken into consideration for high-speed wheel-rail system. A modified excitation model of rail spalling failure is proposed. It can enable the investigations on two kinds of excitation modes in wheel-rail system due to the rail spalling, including the pulse and the harmonic excitation modes. The excitation mode can be determined by the ratio of the spalling length to its critical length. Thus, the characteristics of wheel-rail dynamic vibration excited by two kinds of excitation are simulated in detail. Consequently, the limited value of the spalling length is suggested for high-speed railway.