The wide application of network technologies has meanwhile brought about increasingly complex challenges regarding network environment for the key infrastructure of the rail transit industry. Therefore, deepening the research on cyberspace security in the rail transit industry becomes increasingly important. This study expounds on the basic concept and major characteristics of cyberspace security in the rail transit industry and summarizes its macro situation from the perspectives of strategies in China and abroad as well as security system and standards. It sorts out the development status of cyberspace security protection systems in the rail transit industry from three aspects: basic, enhanced, and collaborative protection. Moreover, the study analyzes the corresponding security risks and causes, involving practical cases of traditional network threats and data attack threats, and concludes that internal and external risk factors become the double threats to the industry’s dedicated network and the traditional network architecture restricts network security and reliability in the rail transit industry. Furthermore, we propose the following suggestions: (1) strengthening the original basic research and systematic innovation of networks, (2) building an independent and controllable industrial chain of network security, (3) improving the operation and management of network security, and (4) enhancing talent cultivation for network security in the rail transit industry.