The invention provides a production process of a thermoplastic elastomer rail pad, and belongs to the technical field of railway fittings. The production process comprises the following steps: (1) drying raw materials, namely, adding rubber to a dryer to dry for at least two hours under drying temperature of 110 to 130 DEG C; (2) injection molding, namely, performing injection molding through an injection molding machine, adding the dried raw material to a material barrel of the injection molding machine for heating, and then closing a die, injecting, maintaining the pressure, cooling, and opening the die to finish injection molding; (3) cutting nozzles, namely, moving the product subjected to injection molding from a die cavity, and removing burr through a nozzle cutting machine so as to meet the requirements of a production drawing and product technology; and (4) examining and testing, namely, warehousing qualified thermoplastic elastomer rail pads. With the adoption of the production process, the produced thermoplastic elastomer rail pad is stable in structure, small in plastic change, and small in elastic deformation under heavy load, reaches 300 to 500kN/mm of static stiffness, has service life longer than that of a steel rail, realizes stable line and driving safety, and also enables the reduction of the cost of repair and maintenance.