The Mornington Railway Preservation Society (MRPS), which is the not-for-profit incorporated association that manages the MR, was formed out of a public meeting in 1984 with the objective of securing access to the then-closed Mornington railway line. The vision was to reopen it as a heritage railway, focusing on the operation of steam-hauled passenger trains. In 1991, after seven years of hard work and lobbying, the MRPS was granted a State Government Order in Council, which gave the MRPS access and operating rights to the line, so it could be operated as a tourist railway.

Work on the Mornington Railway is still very much in progress. Much has been done, but a great deal more remains to do, and much potential still lies untapped. Some of the exciting projects scheduled for the future include:

• Re-opening the section of track between Baxter and Moorooduc.
  
• Gaining main line access at Baxter, enabling us to run into Frankston (and beyond).
  
• Restoring steam locomotives K 177, K 191 and K 159.
  
• Restoring historic carriages 58 BES, 3 ABL, W 152, W 257 and W 278.
  
• Developing a static museum at Moorooduc.
  
• Building a heritage-style station complex and interpretive centre at Moorooduc.
  
• Constructing a locomotive and carriage workshop.
  
• Further development of Mornington station.