In 1845, the London and Birmingham Railway (L&BR) company was given parliamentary assent to construct a line from Blisworth in Northamptonshire to Peterborough.

However, the NVR was one of the last passenger line closures of the Dr Beeching era, services to Northampton and Rugby having ceased in 1964 and 1966 respectively.

In 1974, the Peterborough Development Corporation (PDC) bought the Nene Valley line between Longville and Yarwell Junctions and it began leasing it to the PRS to operate the railway – a major milestone in the society's history.

However, enthusiasts from other railways and preservation societies had already acquired almost all of the serviceable ex-BR locomotives – all that was left was a collection of rusting hulks.

The PDC, having paid out a considerable sum of money for the line, was anxious that trains should start running as soon as possible – certainly before the opening of the new Nene Park in 1978.

In 1973, PRS member Richard Hurlock had approached the society for a home for his ex-Swedish State Railways (SJ) class S1 2-6-4T oil-fired locomotive, number 1928.

After a feasibility study was carried out, it was discovered that only one bridge would have to be demolished to allow the running to continental loading gauge.

Before the stock could be moved from the BSC depot to Wansford, the missing 400 yards (366 m) of the Fletton Loop had to be rebuilt, allowing access to the Nene Valley line.

Between 1974 and 1977, the line was upgraded to passenger-carrying standard and the first passenger train ran on 1 June 1977, hauled by the 'Nord 3.628' – a French 4-6-0 locomotive and 'SJ 1178' – another Swedish tank engine, pulling a set of ex-BR electrical multiple unit coaches owned by the Southern Electric Group.

In April 2006 the track was realigned, allowing a platform to be built at Yarwell Junction, which opened at Easter 2007 (there was never previously a station on the site).

Overton (for Ferry Meadows) is located near the site of Orton Waterville station and provides access to the nearby country park.

The Park is open throughout the year, but most facilities such as the miniature railway and pedaloes only run from Easter to the end of October.

Longville (or Longueville) Junction is about 1 mile (1.6 km) from Peterborough (Nene Valley) and links to the nearby East Coast Main Line.

Unsuccessfully, HiT Entertainment tried to sue the Nene Valley Railway on the grounds that their Thomas locomotive was breaching their trademark, but they lost the case as the court ruled that it was not breaching HiT's trademark because the Hudswell Clarke locomotive was given the name "Thomas" by the creator, Rev.

II carriages commonly seen on preserved railways in the UK, but also prewar coaching stock from France, Norway, Belgium, Italy, and Denmark.

[27][28] Nene Valley has a large collection of vintage railway wagons, some operational and others undergoing restoration.

The signalbox at Orton Mere can be switched out, creating a single section all the way from Wansford to Peterborough and isolating the Fletton Branch, allowing the entire railway to be operated from Wansford; in this case the Peterborough NVR token key is kept physically clipped to the Orton Mere train staff.

The Wansford crossing includes wicket gates on the East side for pedestrian traffic when the old Great North Road was a busier route; these can be locked shut from the signalbox, and are currently being replaced.

Access to the loco yard is controlled by a two-lever ground frame released from the signalbox; this is because a point motor was not available at the time, and replacing it is a job which has never been got round to.

A single-lever ground frame controlling access to the Carriage and Wagon Shed requires the Wansford-Yarwell train staff.

At the East end, the points are protected by a mechanical flange bar which prevents them from being unlocked when a train is present.

This signal is normally kept 'off' (allowing trains to pass); to operate the frame one must be in possession of a padlock key, and also a battery to power the electric lever lock in lieu of a release from Wansford signalbox.

[30]: 32  When the 'box is not being used, a king lever renders parts of the frame's mechanical interlocking as two disconnected areas of influence, allowing the signals to be pulled off for both directions.

A 'selector locking' mechanism, by which one lever operates one of two signals depending on the position of the points, was removed, but is hoped to be reused at the West end of the station.

Orton Mere signalbox was subject to an arson attack early in 2023, leaving much of the interior damaged and the electrical instruments destroyed.

[31] In 1982, Wansford station was used for six weeks to shoot scenes featuring Roger Moore and Maud Adams for the James Bond film Octopussy.

[31] In 1989, Nene Valley was used for the filming of "Breakthru"[33] (a song by queen) where the band members all performed on a Great Western Railway steam train no.3822.

[32] TV shows filmed here include EastEnders,[36] Casualty, Silent Witness, Dalziel and Pascoe and Poirot.