The invention provides a folding iron wheel running device and relates to a large special vehicle highway and railway dual-purpose running device. The folding iron wheel running device can be installed below a highway vehicle chassis, and then a vehicle can run on a highway and a railway in a dual-purpose mode. The folding iron wheel running device comprises a lower core plate installing base (11). Two vertical beams (10) are fixedly arranged on each of the two opposite sides of the lower core plate installing base, an L-shaped beam (1) is hinged to the lower end of each vertical beam, the other end of each L-shaped beam is arranged upwards and hinged to a pulling and pressing beam (3), a driving arm (8) is rotationally installed on each pulling and pressing beam, the other end of each driving arm is connected with a motor through a speed reducer, each motor is fixedly arranged on the corresponding vertical beam, and a suspension and a wheel pair (17) suitable for railway running are installed below each L-shaped beam.