Expansive soil is sensitive to dry and wet environment change. And the volume deformation and inflation pressure of expansive soil may induce to cause the deformation failure of roadbed or many other adverse effects. Aimed at a high-speed railway engineering practice in the newly built Yun-Gui high-speed railway expansive soil section in China, indoor vibration test on a full-scaled new cutting subgrade model is carried out. Based on the established track-subgrade-foundation of expansive soil system dynamic model test platform, dynamic behavior of new cutting subgrade structure under train loads coupling with extreme service environment (dry, raining, and groundwater level rising) is analyzed comparatively. The results show that the subgrade dynamic response is significantly influenced by service conditions and the dynamic response of subgrade gradually becomes stable with the increasing vibration times under various service environment conditions. The vertical dynamic soil stress is related with the depth in an approximate exponential function, and the curves of vertical dynamic soil stress present a Z shape distribution along transverse distance. The peak value of dynamic soil stress appears below the rail, and it increases more obviously near the roadbed surface. However, the peak value of dynamic soil stress is little affected outside 5.0 m of center line. The vibration velocity and acceleration are in a quadratic curve with an increase in depth, and the raining and groundwater level rising increase both the vibration velocity and the acceleration. The vertical deformations at different depths are differently affected by service environment in roadbed. The deformation of roadbed increases sharply when the water gets in the foundation of expansive soil, and more than 60% of the total deformation of roadbed occurs in expansive soil foundation. The laid waterproofing and drainage structure layer, which weakens the dynamic stress and improves the track regularity, presents a positive effect on the control deformation of roadbed surface. An improved empirical formula is then proposed to predict the dynamic stress of ballasted tracks subgrade of expansive soil.