The contact loss beneath track slab caused by deteriorated cement emulsified asphalt mortar (CA mortar) has been one of the main diseases occurring in the CRTS- (China Railway Track System-) I Slab Track of high-speed railway in China. Based on the slab track design theory and the vehicle-track coupling vibration theory, a vehicle-track vertical coupling dynamic FEM model was established to analyze the influence of the contact loss length on the dynamic characteristics of vehicle and track subsystems at different train speeds. A prototype dynamic characteristic experimental test of CRTS-I Slab Track with CA mortar contact loss was conducted to verify the FEM model results. The train load was generated by the customized ZSS50 excitation car. The results showed that when the operation speed is less than 300 km/h, the contact loss with length smaller than 2.0 m barely affects the running smoothness ride safety of vehicle. The contact loss length effect on the dynamic characteristics of track subsystem is pronounced, especially on the track slab. Once the contact loss beneath the track slab occurs, the vibration displacement and the acceleration of the track slab increase rapidly, while it has little influence on the displacement and acceleration of the concrete roadbed.