With increasing passenger flows and construction scale, Shanghai rail transit system (RTS) has entered a new era of networking operation. In addition, the structure and properties of the RTS network have great implications for urban traffic planning, design, and management. Thus, it is necessary to acquire their network properties and impacts. In this paper, the Shanghai RTS, as well as passenger flows, will be investigated by using complex network theory. Both the topological and dynamic properties of the RTS network are analyzed and the largest connected cluster is introduced to assess the reliability and robustness of the RTS network. Simulation results show that the distribution of nodes strength exhibits a power-law behavior and Shanghai RTS network shows a strong weighted rich-club effect. This study also indicates that the intentional attacks are more detrimental to the RTS network than to the random weighted network, but the random attacks can cause slightly more damage to the random weighted network than to the RTS network. Our results provide a richer view of complex weighted networks in real world and possibilities of risk analysis and policy decisions for the RTS operation department.