The concept of transit-oriented development (TOD) has been widely recognized in recent years for its role in reducing car traffic, improving public transportation, and enhancing traffic sustainability. This paper conducts empirical research on a developed rail transit network, using Shanghai as a case study. In addition to traditional TOD features, other factors based on urban rail transit are introduced, including multi-level modeling (MLM), which is used to analyze the possible factors influencing rail patronage. To avoid the bias of research results led by the correlation between independent variables, factors are divided into two levels. The first level includes three groups of variables: the built environment, station characteristics, and socioeconomic and demographic characteristics. The second level includes a set of variables which are regional characteristics. Results show that the most significant impact on train patronage is station location in the business district area. Other factors that have a positive effect on promoting rail transit travel include the number of service facilities around the station, degree of employment around the station, economic level, intensity of residential development, if the station is a transfer station, the operating period of the station, and the size of the large transportation hub around the station.