The demand for higher speeds and heavier loads has emphasized the necessity to tackle the inherent trade-off between strength and toughness in pearlitic rail steels. Herein, the co-additions of Cr, Ni and Cu and accelerated cooling rate on the microstructure and mechanical properties of a medium carbon pearlitic steel were systematically investigated. In comparison with base alloy, the new steel exhibits smaller prior austenite grain size (PAGS) due to the drag effect of Cu and Ni solutes. The finer PAGS and lower C content increased the volume fraction of proeutectoid ferrite. The finer pearlitic nodule size (PNS) and pearlitic colony size (PCS) were attributed to the small PAGS and greater extent of undercooling due to the combined effect of multi-alloying and accelerated cooling. Additionally, the synergistic effects of multi-alloying and accelerated cooling rate decrease the pearlitic phase transformation temperature, accountable for the finer interlamellar spacing (IS). Compared with the base steel, the yield strength and ultimate tensile strength of the new steel increased from 587 MPa and 1069 MPa to 740MPa and 1178MPa, respectively, with a simultaneous increase of ductility from 12.4% to 14.7%. The strength increments are mainly attributed to the finer IS in the new steel. Meanwhile, the new steel possesses a higher impact toughness compared to the base steel due to the increased volume fraction of proeutectoid ferrite, and finer PNS and IS.