In order to investigate the stress characteristics of ballastless track under high latitude, and multi-source and multi-field extreme temperature conditions. Based on the finite element theory and the elastic foundation beam–plate principle, a finite element model of the ballastless track considering the limit convex abutment, gel resin, and interlayer bonding is established. The mechanical characteristics of the ballastless track under the slab–CAM layer bonding state, mortar separation, freeze–thaw degradation and forced deformation of the foundation are studied. Considering the deterioration of materials, the bending moment and reinforcement of track structures in cold regions are checked and calculated. The studies show that under the action of negative temperature gradient load, the edge of the track slab is subjected to tension, and structural separation occurs at the edge of the slab. When the interface between the track slab–CAM layer is poorly bonded, the bearing capacity can be improved, and the amount of separation can be reduced by increasing the structural stiffness of the CAM layer. Under the action of freeze–thaw cycles, the material performance deteriorates seriously, the separation between the track structures intensifies, the baseplate is seriously powdered and cracked, and the maximum tensile stress exceeds 6 MPa. The CAM layer and the baseplate are weak structures, and the foundation frost heave occurs at the expansion joint of the baseplate, which is the frost heave condition. Under freeze–thaw deterioration, the original reinforcement design of the substructure structure does not meet the requirements of structural cracks and reinforcement yield stress. In severely cold areas, the structural reinforcement scheme should be reasonably determined.