A novel elastic rail clip was obtained through size improvement based on the II-type elastic rail clips to solve the fatigue failure of elastic rail clips. The metro vehicle-track coupling model and the fastener system refinement model were developed to analyze the effects of the material (38Si7 and 60Si2Mn) on the static and dynamic responses of the elastic rail clips and their fatigue performances under rail corrugation. According to the results, the elastic rail clip made of 60Si2Mn did not undergo any plastic deformation and exhibited higher strength than that made of 38Si7. Elastic rail clips made of 38Si7 and 60Si2Mn presented a consistent clamping force, natural frequency, and vibration acceleration. However, they were most sensitive to the wavelength of 50 mm. Both materials influenced the small back bending area of the elastic rail clip only. The elastic rail clip made of 60Si2Mn could meet the fatigue life requirements of 5 million times. As for the elastic rail clip made of 38Si7, the corresponding values of corrugation with the wavelength of 50 mm and 40 mm are to be controlled below 0.09 mm and 0.41 mm, respectively. The performance of the elastic rail clips to resist rail corrugation can be improved significantly through the increase in the geometric dimensions and selection of materials with higher strength.