Several cost models have been used in the field of railway infrastructure over the years, but the usage of LCC (Life Cycle Cost) in infrastructure is quite limited. These cost models while taking decisions on maintenance and renewal actions rarely consider the whole life cycle perspective of the infrastructure. The important aspect of life cycle costing is to understand the factors that influence the LCC and the parameters that are needed to estimate it. This paper discusses the need of LCC for railway infrastructure and the current models in practice. It also discusses the cost model being followed at the Swedish National Rail Administration (Banverket) for its new investment and upgrading projects. Finally, a process for life cycle costing estimation is illustrated.