The Vale of Towy Railway (VoTR) was a Welsh railway that provided an 11.25 mile-long extension of the Llanelly Railway from Llandeilo to Llandovery. It was incorporated by an act of Parliament, the (17 & 18 Vict. c. cl), of 10 July 1854 and opened on 1 April 1858.
The Vale of Towy Railway (Leasing) Act 1858 (21 & 22 Vict. c. cxlvii) came into force on 2 August 1858 and authorised the Llanelly Railway and Dock Company (LR&DC) to lease the Vale of Towy line. The lease was for an initial ten years with an option later to extend it. In fact the LR&DC became alarmed that other railway companies were taking an interest in the Vale of Towy, and they included conversion of the lease term to perpetuity in the Llanelly Railway and Dock Act 1860 (23 & 24 Vict. c. clxi), which they obtained on 23 July 1860.
The act authorised but did not compel the conversion of the lease term, and negotiations between the two companies were tense and protracted, and in July 1865 Vale of Towy shareholders rejected a draft lease that had been negotiated. Already in November 1863 the Central Wales Extension Railway had approached the Vale of Towy about a lease; this line was to connect from the north. A lease was authorised by the (31 & 32 Vict. c. xxxvii).
The VoTR was a standard gauge route that provided an alternative to the Great Western Railway and Llandovery became a potential endpoint for other rail companies in North Wales and the West of England.
Intermediate stations were built at (from north to south) , , (closed) and (closed).
The route remains in use as part of the Heart of Wales Line.