Between August 2019 and May 2022, the Federal Railroad Administration sponsored researchers from Rutgers University, the University of Illinois at Urbana Champaign, Applied Research Associates, and the University of Houston to develop a risk analysis methodology for railroad transportation of hazardous materials (hazmat) given specific parameters (e.g., configuration, train length, placement of hazmat cars in a train, speed, yard type, yard switching approach, traffic exposure, and other operational factors). The methodology accounts for transportation risks on both mainlines and in yards and terminals. The methodology integrates train derailment probability, derailment severity, probability of a hazmat car derailing and releasing, amount of hazmat releasing quantity, and the release consequence (in terms of casualties). The risk analysis methodology can be used to quantify the overall transportation risk (including mainline and yard/terminal) given specific train configurations and operational characteristics, thereby comparing alternative service options for hazardous materials transportation.