In the “Design Standards for Railway Structures (Earth Structures)” in Japan, it is shown that high-quality construction waste soil from tunnel excavation can be applied to railway embankment material. It is important not to allow large settlement on the embankment supporting slab tracks in the design since it is difficult to repair track irregularity of slab tracks. However, the settlement characteristics under the cyclic loading of the train have not been sufficiently studied in the application of construction waste soil from tunnel to the embankment for slab tracks of the Shinkansen. Therefore, in this study, the authors have evaluated the amount of plastic settlement under cyclic loading on the embankment of construction waste soil using an analysis method based on the cumulative damage theory. First, we constructed a test embankment using construction waste soil and conducted cyclic loading tests with a large vibratory machine. Next, we verified the validity of this analysis method by comparing the cyclic loading test results with the simulation results of the cyclic loading tests. Then, using this analysis method, the amount of plastic settlement of embankment for actual slab tracks on the Shinkansen was calculated and confirmed to be within the applicable range.