The main operation of the Belvidere and Delaware River Railway is freight service south along the Delaware River from Phillipsburg, New Jersey to Milford, New Jersey, following a 16 mile riverbank line. The major industries along the line are lumber mills. Service is provided three days per week. Trains traveling to Milford were terminated in 2002 due to the competition of automobiles and poor track condition. Today, trains go as far south as Riegelsville.
The Belvidere and Delaware River Railway connects with Norfolk Southern in Phillipsburg, which provides connections to the national rail network. Commercial agreements also provide a connection with the Canadian Pacific Railway (CPRS) at Allentown, Pennsylvania. The BDRV is a Norfolk Southern Handling Line carrier, meaning Norfolk Southern haulage rates include delivery to BDRV customers by the BDRV. In 2004, the NYS&W Technical & Historical Society, in partnership with the BDRV began operating steam excursions between Phillipsburg and Carpentersville using former NYS&W 2-8-2 142. The 142 is an SY type 2-8-2 Mikado steam locomotive built by the Tangshan locomotive works in 1989 for the Valley Railroad in Essex Connecticut as Valley #1647, and was sold to the NYS&W Railroad in 1992. The locomotive was renumbered 142, and operated mainline excursions on the NYS&W. The locomotive was brought out of storage by the BDRV for use on the excursions in 2004.