This paper presents an approach to shakedown of slab track substructures subjected to train loads. The train load is converted into a distributed moving load on the substructure surface using a simplified track analysis. Based on the lower-bound dynamic shakedown theorem, shakedown solutions for the slab track substructures are obtained over a range of train speeds between zero and the critical speed of the track. It is found the shakedown limit is largely influenced by the ratio of layer elastic moduli and the ratio of train speed to critical speed rather than their absolute values. An attenuation factor, as a function of the critical speed and the friction angle of subsoil, is proposed to effectively obtain the shakedown limit of the slab track substructure at any train speed. In light of the shakedown solutions, improvements to the existing design and analysis approaches are also suggested.