Keeping railway tracks in good operational condition is one of the most important tasks for railway owners. As a result, railway companies have to conduct track inspections periodically, which is costly and time-consuming. Due to the rapid development in computer science, many prediction models using machine learning methods have been developed. It is possible to discover the degradation pattern and develop accurate prediction models. The paper reviews the existing prediction methods for railway track degradation, including traditional methods and prediction methods based on machine learning methods, including probabilistic methods, Artificial Neural Network (ANN), Support Vector Machine (SVM), and Grey Model (GM). The advantages, shortage, and applicability of methods are discussed, and recommendations for further research are provided.