Subsequently, usage of the line was granted to the Bellarine Peninsula Railway which commenced tourist operations from Queenscliff in May 1979 to Laker's Siding, extending to Drysdale soon afterwards.

Facilities provided included a 60 m (200 ft) passenger platform, a 45 m (150 ft) loading platform, a "barrel roof" goods shed, a van goods shed, a 2-ton hand crane, an 18-ton cart weighbridge, a telegraph office and tea stall.

After the war weekly goods services and summer excursion trains continued through Drysdale, though rail services declined until the line closed briefly in 1959, reopening late the same year largely to benefit one customer – a shell grit (glass making) mining company at Laker's Siding near Queenscliff.

As of late 2009, the traffic pattern is of two services, three days each week, year-round, with additional charter and summer trips.

Drysdale Station has won several awards for the Bellarine Railway in the areas of heritage preservation, presentation and the recycling of materials.