Dynamic wireless power transfer (DWPT) systems can power high-speed vehicles such as urban rail trains and maglev trains. However, there are few studies on the output voltage characteristics of DWPT systems at speeds exceeding 100 km/h. This paper investigates the output voltage characteristics of the DWPT systems by the theoretical analysis and simulation calculations. Experimental tests also examine the output voltage characteristics of the DWPT systems at low speeds (3.6 km/h), medium speeds (100 km/h), and high speeds (300 km/h). The results show that the output voltage characteristics of the DWPT systems are related to the relative position between the transmitting and receiving coils and are independent of the moving speeds of receiving coils. This indicates that the DWPT systems can be used in high-speed vehicles with speeds of 300 km/h and above, laying a theoretical and experimental foundation for the application of the DWPT technology in the field of high-speed trains.