The elastic vibration of the wheelset is a potential factor inducing wheel-rail defects. It is important to understand the natural vibration characteristics of the flexible wheelset for slowing down the defect growth. To estimate the elastic free vibration of the railway wheelset with the multidiameter axle, the transfer matrix method (TMM) is applied. The transfer matrices of four types of elastic beam models are derived including the Euler-Bernoulli beam, Timoshenko beam, elastic beam without mass and shearing stiffness, and massless elastic beam with shearing stiffness. For each type, the simplified model and detailed models of the flexible wheelset are developed. Both bending and torsional modes are compared with that of the finite element (FE) model. For the wheelset bending modes, if the wheel axle is modelled as the Euler-Bernoulli beam and Timoshenko beam, the natural frequencies can be reflected accurately, especially for the latter one. Due to the lower solving accuracy, the massless beam models are not applicable for the analysis of natural characteristics of the wheelset. The increase of the dividing segment number of the flexible axle is helpful to improve the modal solving accuracy, while the computation effort is almost kept in the same level. For the torsional vibration mode, it mainly depends on the axle torsional stiffness and wheel inertia rather than axle torsional inertia