The subject of this research is the approaches towards studying railway terminology as the language for specific purposes. Transport and namely railway terminology holds an important place in the terminological system of English language. The author explores the basic interpretations of the concept of “language for specific purposes”, as well as such approaches towards studying railway terminology of English language as semantic, structural and etymological. Semantic approach consists in classification of terms by semantic groups. Structural approach analyzes the number and nature of components that comprise terminological units in this area of LSP. Etymological approach reviews the origin and evolution of the meaning of terminological units. The scientific novelty consists in comprehensive description of the approaches towards studying language for specific purposes on the materials of professional field “railway transport”. Research methodology includes the analysis of scientific literature, analysis of dictionary definitions, comparative method, and diachronic analysis. The conclusion was made that the same approaches are applicable to the analysis of railway terminology and to the analysis of language for specific purposes of any other professional sphere. At the same time, systematicity and hierarchical pattern of the acquired classifications indicated a high level of formedness and systematization of terminology under review.