Along with techinical progress and fast paced development in China railway, new requireemnts of inspecting and managing railway safety in a high level and systematic way is challenging our traditional safety viewpoints. This paper presents an investigation of current safety managemetn mechanism and status in China railway. Referring to the concept of safety management system (SMS) this paper proposes an applicable framework for condusting risk based evaluation principle and safety managing prodcedures to China railway construction in coalition with existing fundamental regulations.