Recently, open access policy to railway operation has been widely discussed. Compared to the case of Korea, European countries have dealt with this topic over a few decades. The competition on railway slots incurs an important technological problem about how to optimally allocate railway slots requested from RUs to them. In other words, the authority should be able to coordinate the timetables requested from RUs in the non-discriminatory manner. Related with the coordination, compared to the other European countries, which have done many studies and experiments especially on auction mechanisms, Korean railway has paid less attention to this topic and there have not been any related studies. Our study analyses the state-of-the-arts about the railway slot allocation especially focusing on the auction mechanisms and the associated optimization problems. And we suggest a new railway slot allocation mechanism and related optimization model reflecting the adjustment within the tolerance and the operational policies between railway undertakings.