The traditional 25KV electric railways have various problems such as power quality issues, passing neutral sections, complex storage, and utilization of regenerative braking energy, the medium‐voltage direct current (MVDC) traction power supply system (TPSS) may be a potential alternative electric railway mode and can be freely accessed to the renewable energy and energy storage systems, which is an important development direction of the future low‐carbon RES. This paper first describes the structure and characteristics of the current Railway Electrification System (RES), and then analyzes and summarizes the current research status of the MVDC TPSS topology structure, modeling method, stability criterion, and analysis method and coordination control strategy. Finally, combined with the research status, the development direction of the MVDC TPSS has prospected. © 2023 Institute of Electrical Engineer of Japan and Wiley Periodicals LLC.