Dynamic loading-seepage causes the migration of railway subgrade filling particles, leading to frequent engineering problems such as ballast fouling, mud pumping, settlement, and erosion. However, few studies have focused on the permeation features and internal erosion characteristics of subgrade materials, making it difficult to uncover the evolution mechanism of service performance of subgrade under complex geo-environmental conditions. Therefore, the seepage characteristics and permeability stability of subgrade materials were investigated using self-developed equipment to reveal the seepage failure mechanism under dynamic loading. The main conclusions are as follows: (1) The internal stability of the soil is affected by fluctuations in pore water pressure and hydraulic gradients in graded aggregate and gravel-sand-silt mixtures caused by dynamic loading. (2) Critical hydraulic gradients leading to the migration of fine particles (J(cr)) and seepage failure (J(F)) in graded aggregate and gravel-sand-silt mixtures are determined as follows: J(cr) =1.30 and J(F) =6.88 for graded aggregate, and J(cr) =1.23 and J(F) =2.71 for gravel-sand-silt mixtures. (3) The seepage failure process of subgrade materials can be divided into three stages under coupled action of train loading and seepage: stable seepage, dominant flow development, and seepage failure. The relationship between flow velocity and hydraulic gradient follows the Darcy's law under the low hydraulic gradient. (4) The evolution process of subgrade performance was analyzed, and the mechanisms and types of railway flood hazard were summarized. The research provides theoretical support for the design and maintenance of railway disaster prevention, and has significant engineering implications.