With the increase in speed of high-speed trains, their vibration will become fiercer and fiercer, especially when the lateral resonance of the car body occurs. This paper develops a versatile semi-active suspension system with variable stiffness (VS) magnetorheological elastomer (MRE) isolators and variable damping (VD) magnetorheological (MR) dampers for high-speed trains, aiming to improve ride comfort by avoiding car body resonance and dissipating vibration energy. As the first step, a multifunction VSVD semi-active suspension system for high-speed railway vehicles was designed and prototyped, including four VS-MRE isolators and two VD-MR dampers. After that, a scaled train model, composing of a car body and a secondary lateral suspension system was designed and built to evaluate the performance of the new VSVD suspension system; a control strategy based on short-time Fourier transform (STFT) and sky-hook was proposed to control the new suspension system. Two different excitations, harmonic excitation and random excitation, were applied to evaluate the train's VSVD suspension. As a comparison, four alternative suspension systems, including passive-off suspension, passive-on suspension, pure VS suspension, and pure VD suspension were also evaluated. The evaluation results verified that the VSVD suspension of the train can avoid lateral resonance of car body and dissipate the vibration energy efficiently. The comparison verified that the VSVD suspension system outperforms the passive-off suspension, passive-on suspension, pure VS suspension, and pure VD suspension.