Although the high-speed railway (HSR) system has been widely agreed to be a sustainable and convenient means of transportation, the vibration induced has already been deemed an urgent environmental problem. For the sake of investigating the vibration characteristics of the ballastless track on bridges in the HSR system from the point of view of energy, a numerical model of the vehicle–track–bridge coupled system is developed herein and the energy method based on power flow theory is employed. In addition, a corresponding evaluation method of the power flow theory is developed to evaluate the vibration characteristics of the track–bridge system. The conclusions indicate that (1) the vibration energy gradually attenuates from top to bottom of the track–bridge system in its transfer process. Moreover, the attenuation effects are mainly the result of the elasticity and damping effects of the fasteners and the slab mat layer. (2) With increasing slab mat layer stiffness, the vibration energy of the rail slightly decreases; on the contrary, that of the slab track and the bridge obviously increases. (3) With increasing fastener stiffness, the vibration energy of the entire track–bridge system increases. (4) With increasing running speed, the vibration energy of the entire track–bridge system rises obviously. The results reveal that the reasonable stiffness levels of the fasteners and the slab mat layer are 40 to 60 kN/mm and 40 to 60 MPa/m, respectively, under the investigated condition in this work. This work also presents a novel way to study the vibration characteristics of the ballastless track on bridges of HSRs in terms of energy.