A bi-level programming model was established, of which the upperlevel pursues the maximum railway enterprise’s benefits and the minimum social cost respectively, and the lowerlevel was modeled based on users equilibrium theory, to figure out sharing rate of different transport modes, passenger flow of differentranks intercity trains and operating frequency of trains with different dwell plans and objectives. The bilevel model was solved by simulated annealing (SA) algorithm. In the end, this paper contrasted and analyzed the operating frequency of intercity trains under the two different objectives respectively by a sample to provide theoretic support for optimal management of railway in intercity passenger corridor.