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The project life cycle of the power system in the railway system starts from the concept study on the power system and its requirements. The study focuses on critical engineering and operational requirements like EMC, earthing and bonding system, stray current, emergency loadings, uninterrupted power requirements etc.The paper presents the project life-cycle of an integrated asset and design management of the power system in a railway system. The lifecycle stages starts from concept study to the decommissioning of the system. Asset management study is carried out on how the equipment maintenance and replacement are tracked by a Maintenance Management tool. The life-cycle carries on to design, procurement, manufacturing, installation, testing, operation and asset replacement.