Abstract: The largescale construction of suburban railways in the future will bring financing problems to local governments. Aiming at the investment and financing dilemma of suburban railway construction, and combined with the characteristics of actual projects, a suburban railway financing mode selection system is established. The system consists of project overall financing mode selection, initial financing mode selection and refinancing mode selection three levels, on the basis of suburban railway project characteristics and whole life cycle concept. Finally, the application of various investment and financing modes for suburban railway construction is analyzed.