Life Cycle Management (LCM), as well as Reliability, Availability, Maintainability & Safety (RAMS), is central to achieve compliance in railway infrastructure management (e.g., regarding safety, dependability and interoperability). In addition, LCM and RAMS also support an implementation of Asset Management (AM) according to ISO 55001 in railway. Hence, based on a case study at Trafikverket (Swedish Transport Administration), this paper describes an approach to LCM and RAMS developed for new high-speed lines and adapted to existing conventional railway systems. Quantitative data was retrieved from Trafikverket’s tool for business intelligence within maintenance. The analysis model was based on fundamental dependability and risk terminologies (i.e., International Electrotechnical Commission, IEC) and theories (e.g., Reliability-Centred Maintenance, RCM). The results indicate that the combined LCM and RAMS approach is useful to prioritise investment and maintenance tasks in railway infrastructure management based on their applicability, effectiveness and Pareto-efficiency. Future work could include decision-making based on the results of the case study or to apply the approach for additional systems or railway lines.