This study sought to investigate how privatizing the National Railways of Zimbabwe (NRZ) would help solve the challenges Zimbabwe's rail industry is facing as well as the impacts it would have on its various stakeholders. The concept of rail privatization and the different privatization models available were explored in detail. In order to build a case, the study also looked at the trends in rail privatization in various countries across the world in addition to dealing with the problems that are faced with state owned railways. The study concluded that the "Concession-Model" is better suited for Zimbabwe as it will allow government to retain some control though minimal, of the Rail industry in relation to the Public Interest theory.