High speed trains, an extension of the rail network and a tripling of passengers using the rail system annually are just some of the recommendations of the All-Island Strategic Rail Review.
The final report of the review sets out the implementation of 32 strategic recommendations.
It aims to increase the number of people using the rail system annually from around 65 million to over 180 million by 2050.
This joint report by the Department of Transport in Ireland and the Department for Infrastructure in Northern Ireland sets out a strategic vision for the development of the rail system across the island of Ireland over the coming decades.
The report's recommendations include upgrading much of the single-track rail network to double-track, with four-track in some areas.
New 200kmh intercity trains are also being recommended with rail journey times between cities being significantly reduced – and even halved in some cases.
There will be higher frequency train services of at least hourly between cities and at least every two hours on regional/rural routes.
It would see the rail network increase from around 2,300km to almost 3,000km.
Plans for a 'spur' railway line from Clongriffin to Dublin Airport are also outlined which would "complement the planned MetroLink project", the report says.
The cost of enhancing and expanding the rail system up to 2050 has been put at between €35bn and €37bn.
Transport Minister Eamon Ryan says the review is the most ambitious vision for rail in a century.
"This is not just the first All-Island Strategic Rail Review, it is the most ambitious vision for rail in a century, bringing us forward to a new age of rail," he said.
"This vision has been made possible by close cooperation between the departments and agencies north and south.
"Rail not only allows us to carry more people and freight in a more sustainable way, it is the great connector, enabling greater regional accessibility and balanced regional development," he added.
Minister Ryan said he would like to see the recommendations actioned "as soon as possible".
Additional reporting: Alan Cantwell