Research interest on flexible body dynamics, has been increased recently. The major application areas are the auto-mobile, train, and heavy machinery. This paper attempted the dynamic analysis for the variable-gauge wheelset with a flexible body, to better understand the dynamic characteristics of the variable-gauge wheelset. In order to achieve this goal, a 3D-Virtual Mock-up model was built. The tendency of the stress and deformation for the flexible lever was investigated through component mode synthesis, contact mechanics and flexible body dynamics. This study is a pioneering work for the development of Korean type variable-gauge wheelset.