To prevent the hunting and to raise the running stability of railway vehicles, it is extremely important to make clear the geometrical contact between the wheel and the rail. In this paper, the contact geometry between the rail and the wheel tread profile consisting of one circular arc forms, is analyzed theoretically in detail, and the exact solutions are compared with the approximate formulas. The theoretical analysis has made clear the following points. There is an inclined angle between the horizontal line and the center line of the wheelset due to the lateral displacement of the wheelset. There are also a variation of the radius of the wheel at the contact point between the wheel and the rail, a vertical displacement at the center of gravity of the wheelset, an effective conicity at the contact point, a variation of the radius of the wheel originating in the radius of the wheel of a roller rig such as the test stand of a vehicle, and a variation of slope at the contact point due to the angular displacement of the wheelset, and so on.