Model trains should have very similar motion characteristics to real trains in order to provide realistic feeling to their operators. Main purpose of dynamic analysis of model trains is to predict velocities in straight and circular tracks and estimate stopping distance after power shut off. Equations of motion for a model train are derived that relates velocity, traction, rolling resistance, and pulling force. Also, energy equations for calculating stopping distance after power shut off are derived. Experiments with model trains are preformed to measure velocity, rolling resistance, slip, and stopping distance. The results are compared with the prediction based on the equations of motion, and they showed good agreement. It can be concluded that the prediction is more accurate when the slip between wheel and rail is accounted for. The analysis procedures can be applied to determining various design factors in model trains.