When a waverider flies at hypersonic speed, the thermodynamic properties of the surrounding gas change because of the rapid increase in temperature, so it is reasonable to consider real-gas effects in the vehicle design. In addition, a hypersonic waverider usually travels at varying speed during flight, and deviating from the default speed designed in terms of a constant Mach number often creates difficulties in preserving the expected performance. Therefore, research on the design of variable-Mach-number waveriders considering equilibrium-gas effects is important for applications. In this paper, a design method for a variable-Mach-number osculating-curved-cone waverider (VMOCCW) considering equilibrium-gas effects is introduced, then the influences of different gas models on the waverider design are studied by taking a VMOCCW designed with a linear Mach-number distribution as an example. Furthermore, a new Mach-number distribution method is proposed by using a parameterized rational function, which is combined with different gas models to achieve VMOCCW design. For comparison, waveriders designed with quadratic concave and convex increasing functions are also selected for comparison of their layouts and aerodynamic performances under design and off-design conditions. The results show that waveriders designed with the equilibrium-gas model exhibit differences in geometric features (e.g., volume and volumetric efficiency) and aerodynamic characteristics (e.g., lift-to-drag ratio and pitching moment coefficient) compared to those designed with the ideal-gas model. Specifically, waveriders designed with a rational function for the Ma distribution have a wing-like structure, and overall they have more-balanced geometric and aerodynamic characteristics than those designed with quadratic concave and convex functions.