Increasing urbanization and rise in demand for urban and intercity mobility have resulted in growing need for energy efficient transportation solutions. There will be more than 20 mega regions around the globe that open up avenues for smart and integrated transportation by 2025. Urbanization and congestion trends are prevalent more in developed regions as the rate of urbanization is expected to increase to 80.4 % by 2025. Development of High Speed Rail network has demonstrated success in terms providing energy efficient inter city transportation solutions and reducing congestion in many countries. This study examines HSR development models in five major economies including Japan, China, South Korea, Taiwan, and Spain. Specifically, key purpose and functions of HSR network, challenges, economic impact of these projects, key lessons in project design, financing and implementation aspects are evaluated.