The not-for-profit organisation, which is wholly owned by Welsh Government, says it is delivering a transformational programme that will enhance rail, bus and active travel routes.
Last year, the Welsh Government released Llwybr Newydd: The Wales Transport Strategy 2021, which highlighted the significant role of public transport in helping achieve net zero by 2050.
The new strategy from TfW sets out its five-year plan to help achieve this, including new and greener trains.
James Price, Transport for Wales' chief executive officer, said: “At TfW we’re working to improve public transport and we need fewer people travelling by car and more taking public transport, wheeling, walking or cycling.
"We’re investing in rail, bus and active travel and focusing on creating a more joined up network across all modes of travel.
“We know that there are some challenges ahead as we face a period of financial uncertainty and the rising cost of living. The war in Ukraine has put pressure on the cost of materials and we’re still recovering from a global pandemic.
“However, we’ve remained committed to our goals and this new strategy provides a clear outline about how we’ll achieve them.
"With brand-new trains and new electric buses entering service at the start of 2023, we’re continuing to move forward with our transformational plans.”