The arrival of the high-speed rail (HSR) era has accelerated the pace of urban development, but its broad socioeconomic impact remains subject to intense debates. This research aims to propose a model for measuring the impact of HSR operation on HSR stations and the surrounding areas, which this research call the HSR-based nodal zone (HNZ). The proposed model is composed of two variables (i.e., transportation situation and vitality) and three subsystems (i.e., economic, societal, and environmental). Data were collected in China through questionnaire survey. Results indicate that the effects of HSR operation on HNZ are multidimensional, transportation vitality has an intermediary role in the effects, and the effects on the physical environment are negative. This study presents an early examination of the impact of HSR operation on the HSR stations and relevant areas and contributes new evidence to academic debates on the contribution of HSR to urban development. Accordingly, urban development policies should be built on the mechanism of HSR in driving the growth of HNZ.