In this paper, a new design method for ballasted railway track foundations is developed, which can sustain high speed trains and heavy axle loads. The proposed method is intended to prevent two most common track failures, namely the progressive shear failure of track subgrade and excessive plastic deformation of track substructure (i.e., ballast + subgrade). The method is based on improved empirical models and sophisticated three dimensional (3D) finite elements (FE) numerical analyses. The improved empirical models are used for predicting the cumulative plastic deformation of the track, whereas the stress parameters of the ballast and subgrade layers are obtained from the 3D FE numerical analyses. The outcomes are then synthesized into a set of design charts that formed the core of the proposed design method so that it can be readily used by railway geotechnical engineers for routine design practice. The design method can be applied to various practical conditions of train-track-ground systems, including the modulus, thickness and type of ballast and subgrade. In addition, the traffic parameters which have a significant influence on track performance are also considered in the design method, including the wheel spacing, train speed, and traffic tonnage. The new design method has significant advantages over the existing methods and offers a major role in modern railway tack design and code of practice.The applications of the new design method are presented and explained in a companion paper (i.e., Part II: Applications).