In today's urban planning field, Transit-Oriented Development (TOD) has become a crucial research topic. With the acceleration of urbanization and increasing population density, traffic problems have become key factors affecting urban development and living quality of residents. Therefore, discussing how to effectively plan urban traffic and realize the harmonious coexistence between traffic and city has become the focus of urban planning scholars and practitioners. However, there is still a lack of unified understanding regarding the role of railway TOD planning in urban development. Therefore, this paper takes Shenzhen as an example and adopts a SWOT analysis to examine the TOD development mode of Shenzhen's railways, based on the city's structure, railway layout, and development strategy. This paper finds that the polycentric urban development pattern of Shenzhen is closely connected to its railway planning. The foundation for Shenzhen's railway TOD construction is relatively solid, and the prospects for development are optimistic. However, many issues in the future development space and planning design still need to be addressed.