The Deep Lead Railway Station was situated on the east side of High Street. The railway house still remains and it is privately owned. The number of the Station House was DR 1402. The fifty -seven kilometre section of Railway line between Stawell and Murtoa was opened to traffic on 17th December 1878. The Deep Lead Siding (248.9 Kms from Melbourne) opened in May 1879.

The Deep Lead Station had a gate house by the crossing at the Deep Lead Station as well as the Station House and two huts for signalmen and was manned 24 hours a day. An electric staff system opened at Deep Lead on January 22nd 1912, but closed in May 1912, and opened on a seasonal basis and stayed open depending on the length of the wheat season

Deep Lead became a permanently staffed station on November 7th 1922. The Station was reduced to wagon load goods traffic early in 1970 and was closed to passengers on 4th July 1972. The station closed on September 7th 1981. The signals were removed and the track work in the yard was dismantled. During the depression years of 1933 and 1934 a regrading project was carried out on the main western line between Deep Lead and Glenorchy to ease the grade to 1 in 100, from the 156 mile post to the 158 mile post. A new bank was formed 29 feet above the natural surface and t6 feet ahove the existing bank and was formed with 215,000 yards of filling obtained from work which had been done on the Stawell cutting. Work commenced March 27th. 1933. The greatest number of men employed at one time was 340, all of whom were camped at the site. This incline was known to all as the Bunyip Bank after the creek over which it passes.