Advanced rail transit equipment is crucial for boosting China's strength in manufacturing and transportation development. Considering global technological evolution directions of rail transit equipment and based on the landscape and high-quality development needs of the industry in China, this study summarizes the major achievements made in China in this field from 2015 to 2025, including major engineering and technological breakthroughs, consolidation of core basic capabilities, coordinated construction of the industrial chain, and expansion of its international layout. It explores the development experiences including top-level policy guidance, independent innovation, establishment of an industry‒university‒research‒application integrated ecosystem, and maintaining an open and cooperative global perspective. Moreover, the study clarifies the industry's development trend of being "faster, smarter, greener, safer, and more integrated." In the next decade, development directions of the rail transit industry include developing forward-looking technologies, deepening intelligent and green transformations, enhancing the resilience of the industrial and supply chains by strengthening the industrial foundation, and optimizing the standards system of rail transit equipment, thereby providing theoretical support and practical guidance for the development of advanced rail transit equipment in China.