In Latin American cities, the train has played a less relevant role in recent decades as a structuring element of urban development. As with other means of mass transportation, railroads can be the object of strategies that foster the integration of public transport and land use, to guide urban development towards more sustainable futures. Considering that in Chile suburban rail services are gradually being reactivated around the main cities, it is worth asking whether rail transport can contribute to forms of transport-oriented urban development in the Chilean context as well. In this way, this article actually explores the urban role of train stations and their potential as options of transit-oriented development. Focusing on the case of Santiago, the article analyzes train stations by applying the node-place model, which examines each of them based on their role as a node (i.e., how many destinations they allow reaching) and as a place (considering the diversity and intensity of activities that take place in their vicinity). The results show the limited urban role that railway stations play in the context of Chilean capital, highlighting a certain homogeneity with respect to the levels of accessibility or the appeal of the urban environments of each station. The application of the node-place model shows that the train has an untapped potential for the urban development of the places it crosses throughout Santiago, and confirms the potential role of stations as small polarities at the neighborhood and municipal scale.