This book aims to give the readers a background about the reliability and safety engineering methods as well as discuss the importance of physical asset optimization and asset management during the operational phase applied for railway industry. The book starts describing the basic concept of reliability and safety engineering, RAMS and LCC program and process. In addition, the big challenges of the RAMS and LCC program implementation as well as the reliability pitfalls are also listed in the first chapter. The further chapters describe in detail the most importance methods applied in the RAMS and LCC program such as Failure Mode and Effect Analysis (FMEA), Reliability Centred Maintenance (RCM), Quantitative Accelerated Life Test (QALT), High Accelerated Life Test (HALT), Life Time Data Analysis (LDA), Reliability, Availability, Maintainability Analysis (RAM), Human Reliability Analysis (HRA), Integrated Logistic Support (ILS), risk analysis methods and asset management. In each chapter some case studies are presented to clarify the theoretical concepts.I hope you enjoy it and its enable you to put in practice some of the methods described here in your daily professional activities in railway industry.