Defect detection of track fasteners is a prerequisite for safe and reliable railroad operation. The traditional manual visual inspection method has been unable to meet the growing demand for railroad network inspection in China. To achieve the need for accurate, fast, and intelligent detection of rail fasteners, this paper proposes a rail fastener defect detection model based on improved YOLOv5s. Firstly, the convolutional block attention module (CBAM) is added to the Neck network of the YOLOv5s model to enhance the extraction of essential features by the model and suppress the information of minor features. Secondly, a weighted bidirectional feature pyramid network (BiFPN) is introduced to realize the multi-scale feature fusion of the model. Finally, the K-means++ algorithm is used to re-cluster the dataset to obtain the anchor box suitable for the fastener dataset and improve the positioning ability of the model. The experimental results show that the improved model achieves an average mean precision (mAP) of 97.4%, a detection speed of 27.3 FPS, and a model memory occupancy of 15.5 M. Compared with the existing target detection model, the improved model has the advantages of high detection accuracy, fast detection speed, and small model memory occupation, which can provide technical support for edge deployment of rail fastener defect detection.