Railway infrastructure is generally classified as either fixed or movable infrastructure assets. Failure in any of the assets could lead to the complete shutdown and disruption of the entire system, economic loss, inconvenience to passengers and the train operating company(s), and can sometimes result in death or injury in the event of the derailment of the rolling stock. Considering the importance of the railway infrastructure assets, it is only necessary to continuously explore their behavior, reliability, and safety. In this paper, a proactive multi-criteria decision-making model that is based on an interval-valued intuitionistic fuzzy set and some reliability quantitative parameters has been proposed for the evaluation of the reliability of the infrastructure assets. Results from the evaluation show that the failure mode ‘Broken and defective rails’ has the most risk and reliability concerns. Hence, priority should be given to the failure mode to avoid a total system collapse.