The purpose of this study is to examine how Chinese rail passengers trade off among various rail rate fences. Using conjoint analysis, this study identifies price, departure time, and booking requirement as the three most important rate fences in passengers’ decision making. This study also examines the effect of familiarity with rate fences on the perceived importance. The findings of this study help Chinese rail high-speed company gain better understanding of passengers’ perceptions and preferences so that they can design more efficient rate fence combinations.