Development of underground space for transportation purposes is becoming a more viable alternative to surface transportation with the aim of conserving surface space for better strategic purposes. It is inevitable that at times underground metro stations may be planned adjacent to the railway tracks. Railway authorities impose stringent-induced ground settlement criteria about less than 10 or 15 mm settlement below the railway tracks for the entire duration of excavation and construction of underground metro station. This specific study investigates the influence of deep excavation of about 10 and 20 m depth for an underground metro station on railway tracks (located parallel to the Underground Metro Station) wherein long-distance locomotive trains travel to various cities. Comprehensive finite element analysis is performed as part of parametric studies with variation in depth of excavation, method of construction (Top-Down or Bottom-Up), type of ground (cohesionless soil and cohesive soil ground models) and a separate analysis for ground water table depth encountered at different (1.5, 4 and 10 m) depths for the deep excavation. An investigative study is carried out for excavation-induced settlements which can cause potential danger to the operational railway tracks. Station box excavation carried out by top-down method and entry-exit structures on either side carried out by bottom-up method is considered for the numerical analyses. Plaxis 2D software is used for the numerical analyses and the results are compared and recommendations are provided for enhanced safety during the excavation and construction of the underground metro station.