The aim of this study is to investigate the effects of traffic loads and track parameters, including track curvature, superelevation, and train speed, on vertical and lateral rail wear. The Yenikapi-Ataturk Airport Light Rail Transit (LRT) line in Istanbul was selected as a case study, and rail wear measurements were carried out accordingly. Passenger counts were performed in all wagons of the train on different days and time intervals to calculate the number of passengers carried in track sections between stations regarding traffic loads on the LRT line. Values of traffic load, track curvature, superelevation, and speed were determined for each kilometer where measurements of rail wear were conducted. A multiple linear regression analysis (MLRA) method was used to identify effective parameters on rail wear. Independent variables in MLRA for both vertical and lateral wear include traffic load, track curvature, superelevation, and train speed. The dependent variables in MLRA for vertical and lateral wear are the amount of vertical and lateral wear, respectively. The correlation matrix of the dependent and independent variables was analyzed before performing MLRA. Multicollinearity tests and cross-validation analyses were conducted. According to the results of MLRA for vertical and lateral wear, the obtained coefficients of determination indicate that a high proportion of variance in the dependent variables can be explained by the independent variables. Traffic load has a statistically significant effect on the amount of vertical and lateral rail wear. However, track curvature, superelevation, and train speed do not have a statistically significant effect on the amount of vertical or lateral rail wear.