Railways that were once utilized by conventional speed trains but now lay technologically outdated and neglected are scarcely in use today, with many lying abandoned. These rail networks sprawl across vast areas, posing a substantial impediment to sustainable land use and management. Our research advocates for the adoption of tourist itinerary/route as a viable model for the transformation of abandoned railways into sustainable and functional systems. This innovative concept involves repurposing abandoned railways into tourist itineraries with the aim of utilizing them for tourism and commercial ventures. Recognizing a knowledge gap, particularly the absence of scientifically grounded models, on a selected case study (abandoned regional railway number 223 in the Toplica District, Serbia), we develop and present a model for the identification and Tourist Evaluation of Abandoned Railways (TEAR model). The defined model comprises a total of 27 sub-indicators categorized into four groups of indicators: natural tourist values (NV), anthropogenic tourist values (AV), tourist attractiveness of the railway (TA), and functional values (FV). The findings from the TEAR model suggest that the abandoned railway holds significant tourism value, with a rating of ≥0.7. Specifically, three sets of indicators—NV, AV, and TA—indicate a high level of tourist values (≥0.7), while FV falls within a moderate range of tourist values (0.4 ≤ V < 0.7). This endeavor not only supports sustainable local and regional development but also contributes to the enhancement of rural landscapes and the revitalization of rural areas. Importantly, this initiative aligns directly and indirectly with several Sustainable Development Goals (SDGs), thus fostering progress towards broader economic, societal, and environmental objectives.