Aimed at the strain rate effect on impact characteristics of steel wheel, the constitutive model of steel wheel material was established by taking material tests on steel wheels in different strain rates. Based on the constitutive model of steel wheel material, a detailed finite element model of steel wheel impact test was established according to GB/T 15704-1995, and impact simulation results were analyzed in comparision with the results of impact physical test to verify the constitutive model and impact simulation model. Finally, a method of high-precision simulation analysis of steel wheel impact characteristics was proposed, hoping to provide reference for design and development of steel wheel.