Abstract: In order to protect the secure circulation of core, important, and personal privacy data of railways, and promote the value of railway data in internal and external applications, this paper analyzed the needs and challenges of privacy computing technology and secure sharing and circulation of railway data, proposed a privacy computing solution that adapted to the sharing of internal and external data in the railway system and was oriented towards railway data security circulation, designed a railway data circulation privacy computing system architecture based on the railway data service platform, and took the privacy computing application scenario - risk monitoring along high-speed railways as an example to introduce its application process. This solution can implement secure data sharing and element circulation on the premise of protecting data privacy, enhance data value and utilization, and provide support for data analysis and decision-making in the railway industry.