During high-speed train operations, there exists a risk of bolt detachment that can lead to track slab damage. A dynamic finite element analysis model for the impact of bolts on track slab was established utilizing the ANSYS/LS-DYNA software. The numerical results demonstrate good agreement with literature data in terms of contact force and damage morphology. Based on the finite element model, the crack propagation and damage characteristics were investigated. The numerical results show that all the damages of the track slab are slight and exhibit similar patterns when the impact speeds range from 150 km/h to 350 km/h. During impact events, initial circular cracks are distributed around the edge of the contact region between bolts and the track slab, and the radial cracks are formed subsequently. With the augment of the impact velocity, the number of radial cracks evolves from two groups of “trumpet-shaped” cracks to four groups, ultimately propagating into a cruciform crack. As the impact speed increases, the duration time of the impact event prolongs, and it shows an obvious increase in the damage variability, the pit depth, as well as the maximum radial crack length. Moreover, the damage variable of the slab exhibits a linear increase in relation to both the maximum length of the radial crack and the depth of the dimple, and the maximum linear deviation is within 19%.