From the second half of the 20th century, numerous railways, especially in industrial and mining areas, were abandoned for economic reasons. The activism of the “railfans”, who are fond of trains, has made it possible to set up voluntary associations that have been the lifeblood of the beginning of projects for the recovery of the historic railway heritage and the promotion of it in a touristic sense. This topic is worthy of attention, and during recent years it has been the focus of several research papers. A systematic literature review was performed using the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyzes) methodology. This tool is a minimal set of evidence-based elements aimed at helping authors to carry out a systematic literature review. This systematic literature review sought to consolidate knowledge on the subject. The research team formulated three research questions related to the dynamics of railway heritage recovery, the dynamics of railway tourism and the relationship between sustainability and railway tourism. The findings highlighted that the railway tourism process always originates from a project for the restoration of railway heritage, possibly maintaining authenticity. The voluntary associations, along with their “railfans”, are the main stakeholder, not only preserving the rail heritage but also developing railway tourism activities. The touristic railway could regenerate the local community, with positive benefits on the local economy. Many tourists could be attracted by railway tourism destinations in that they wish to live memorable experiences related to the nostalgia of the past.