With the rapid urbanization and motorization, many cities are developing urban rail transit (URT) to reduce car dependence. This paper explores the URT effect on car ownership and use based on the home-based work tour data in Beijing, China. Considering the mediating effects of car ownership and travel distance simultaneously, we develop a structural equation model to examine the complex relationship among URT, car ownership, travel distance, and car use. The results indicate that URT plays an important role in reducing car dependence. Living within URT catchment areas by itself is not significantly associated with car ownership and use, but if the workplace is near a URT station, people are less likely to own and use cars. People who both live and work near URT station areas have lower probability of owning and using cars. Moreover, car ownership and travel distance mediate the relationship between URT and car use, and the mediating effect of car ownership is greater than travel distance. Our study verifies that URT does discourage people from owning and using cars, which may have important implications for developing cities to make response to the ongoing motorization.