The Scottish Executive funded a replacement railway line between Stirling and Alloa in the early 2000s, and the station was reopened on Monday, 19 May 2008.

[3] In 1850 the main station building was to the west of Greenfield Bridge and south of the rails, it consisted of a ticket office leading onto a platform and an island platform with a "passenger shed" on the north of the running lines, both "arranged as to accommodate parties intending to travel on either the main line or the Tillicoultry branch".

The wide island platform, with two inset bays at its west end extended a long way westward under Greenfield Bridge and had extensive awnings.

[15] The station itself together with the main former S&DR line from Stirling via Cambus through Alloa and on to Dumfermline Upper was then closed to passengers on 7 October 1968.

[citation needed] Following the full closure of Alloa station, a leisure centre was built on the site, though a narrowed formation and a single track was kept for freight services.

[17] In 2008, the railway reopened, with a new Alloa station situated to the east of its predecessor, due to the earlier construction of the leisure centre.

Under Scottish Executive funding, the line between Stirling and Alloa was reopened to both passenger and freight traffic, with a key benefit being a reduction in congestion on the Forth Railway Bridge.

It was originally projected that the station would reopen to passenger traffic in the Summer of 2007 but this date was then put back to allow for the upgrading of a level crossing.

[20] The completion of electrification of the railway between Polmont Junction, Stirling, Dunblane and Alloa during 2018 allowed the introduction of electric-powered rolling stock for services from 9 December 2018.