The stability analysis of railway embankment is the key problem in design, construction and operation stage. The influence factors are very complicated. On the basis of the typical double line railway embankment model and by using traditional Fellenius method, the stability of construction and operation period is calculated. The parameters, such as embankment height, foundation soil type, consolidation and shear strength, which have influence on the safety factor, have been studied systematically. The results of analysis show that: with the increase of embankment height, the safety factor is decreased in a hyperbola form; in the construction period, the safety factor considering consolidation is larger than the one without considering consolidation. From the view of engineering safety, it is suggested that the stability analysis of railway embankment in filling completion period should adopt the quick direct shear parameters and consider the consolidation for the soft foundation, and in track-laid or operation period should use the consolidated quick direct shear parameters.