This study shows the economic efficiency in a State-Owned Enterprise of Pakistan, the Pakistan Railway. The study is based on the fundamentals of CCR-BCC Data Envelopment Analysis (DEA) by Charnes et al. (1978). The model is extended to the time series data from 1970-2019. The Pakistan Railway is product inefficient except 1970, 1980 and 208-19 due to the change in policies, which resulted a decline in inputs and as a result reduced the outputs. The PR is earnings inefficient except 2017 and 2018 due to the product inefficiency. The PR is financially efficient with the inputs and outputs used in the analysis but the increase in the operational cost is shrinking business and the closure of trains has reduced the competition of Pakistan Railway in freight market which resulted a decline in the revenue of freight. This research suggests that Pakistan Railway needs investment in the product efficiency to upgrade infrastructure and the usage of trains in a right direction. A policy turn-around is needed with autonomous and dedicated management. Supervisor:- Dr. Nasir Iqbal