The feasibility study of the Ulaanbaatar Metro Project has been developed in three main stages. The first stage is the study phase, during which the project's foundational conditions are determined. This includes detailed engineering geological surveys, detailed land-use studies, and evaluation of hydrogeological conditions and water resources. Additionally, environmental and social conditions are examined, and assessments of environmental pollution and social conditions are conducted. At this stage, a transportation demand study is carried out, determining passenger numbers, ticket prices, average speeds, and traffic loads, while also producing forecasts for the years 2024, 2030, and 2040. Based on these studies, the criteria and requirements for the project are established.

The second stage is planning, during which the project concept is developed, covering alignment, traffic flow, composition of transport vehicles, organization of facilities, structural planning, power supply, communication and signaling systems, mechanical planning, as well as operation and maintenance plans. This stage organizes the overall metro system.

The third stage is analysis, during which the project’s budget cost is calculated, risk assessments, financial analysis, and evaluations of economic efficiency are performed. Ultimately, the results of all study, planning, and analysis stages are integrated to provide recommendations, guiding the decision on whether to implement the project and which alternative to select.