This literature review emphasizes indicators for quantifying equity in the transit development process to better understand its relevancy in decision-making. Equitable transit examines the accessibility, mobility, and modal benefits within the context of justice. Equity is a hard subject to cater, especially when relating to how decisions are made. Hence, a simple and easy way to better understand the equity implications of both built and unbuilt route options in the transit development process is needed. From 22 previous studies about transit equity, transportation aspects are mainly used for quantifying purposes while equity indicators act as additional aspects. These gaps are the result of trying to include equity in transportation methods, rather than constructing separate methods for quantifying equity aspect exclusively, since equitable transit most likely not economically feasible, nor profitable transportation plan would be equitable. This finding explains a phenomenon like gentrification, where fair distribution of transportation supply might be achieved at the cost of exclusion to disadvantageous population it intended to reach. Thus, quantifying transportation and equity aspect separately is needed to examine the accessibility, mobility, and benefits for a better equitable transit.