The Railway has seen the preservation and/or restoration of the railway to its original terminus at Gembrook, all but one of the remaining locomotives and most of the remaining passenger rolling stock. Some original buildings and other infrastructure has also been preserved.

We have also seen some major infrastructure built to meet the needs of an increasingly popular heritage tourist railway such as new stations at Belgrave and Gembrook and locomotive workshops at Belgrave, as well as other much needed workshops and depots.

The Puffing Billy Railway has firmly established itself as one of the most popular tourist railways in the world with a service frequency almost unmatched.