The station is close to the western portal of the Furka Base Tunnel, on the metre gauge Furka Oberalp Bahn (FO), which connects Brig in Valais, via the base tunnel and Andermatt in Uri, with Göschenen, Uri, and Disentis/Mustér, Graubünden.

Since 1 January 2003 (2003-01-01), the FO has been owned and operated by the Matterhorn Gotthard Bahn (MGB), following a merger between the FO and the Brig-Visp-Zermatt railway (BVZ).

At ceremony held on 12 August 2010, Oberwald station also became a station on the Furka Steam Railway (DFB), a heritage railway operating in summer over the FO section that was replaced by the Furka Base Tunnel in 1982.

[3] The portion of the DFB between Oberwald and Gletsch was formally reopened that day, following the driving of a gold spike at a ceremony on 18 June 2010 to mark the physical reconnection of that portion of the line.

[10] Construction of the proposed Grimsel Tunnel would provide a fourth metre gauge railway link northwards under the Grimsel Pass towards Meiringen railway station.