This paper considers multiple perspectives to explore the concept of high-speed railway (HSR), rationally abstract its value formation mechanism, and quantitatively measure its actual performance. This paper analyzes the governance potential of major countries in the high-speed railway value chain and studies the feasible ways and development strategies to enhance the high-speed railway governance in China. Findings of this paper are as follows. First, the government, as the early manager of high-speed railway governance, has given way to Siemens and other integrated enterprises. Second, the high-speed railway standard output has become the core competitiveness that embodies high-speed railway. Third, the global high-speed railway market presents a hierarchical high-speed railway governance model and changes to a modular approach to governance.