Disclosed is a hydraulic bushing and a rail vehicle. The hydraulic bushing comprises: a core shaft; a sleeve mounted on the core shaft, wherein a first rubber body is filled in a space formed between the core shaft and the sleeve, and a groove is provided on an outer surface of the sleeve; and an outer housing, which is mounted on the sleeve through press fit. Two liquid chambers for accommodating liquids are provided diametrically opposite to each other on the first rubber body, and the groove and the outer housing together define a flow channel, through which the two liquid chambers communicate with each other. Use of the hydraulic bushing on the rail vehicle not only can assure stable operation of the vehicle in a straight running state thereof, but also can reduce abrasion of a wheel and a rail in a curve running state.