This paper aims to propose two accessibility indices that can evaluate the effects of railway service improvement. First, the “Network Accessibility Index” considers the effect of improvements on a railway network by incorporating link attributes. Second, the “Utility Accessibility Index” focuses on maximizing the utility of railway passengers, considering their physical strains and psychologicaload. Finally, we construct the land price model by using the N. A. Index and U. A. Index in Seoul and Osaka. Also, we evaluate the benefits of the railway improvements by using the Hedonic price function on the two cases.