An existing test and measuring instrument is difficult to distinct for defects at AF(Audio Frequency) track circuit transmitter and receiver. AF track circuit of T121 Standard of Korean railway have USB(Upper Signal Band), +17[Hz] of nominal frequency and LSB(Lower signal band), -17[Hz] of nominal frequency. As it is wrong, it is difficult to distinguish whether it is wrong from transmission or reception. Measuring instrument for an impulse voltage of HVI(High-Voltage Impulse) track circuit doesn"t exist. When we test HVI track circuit, we use multi-tester with an integrator. But, they drop off degree of precision and convenience. At border or same area of AF track circuit and HVI track circuit, it is inconvenience that it can"t diagnose in both sides use exist a test and diagnosis device. AITM(Audio frequency track circuit-high voltage Impulse track circuit Test Meter), a new developed instrument, has many different characteristics compared with TTM(T121 Test Meter), an existing test and measuring instrument, and multi-meter attached integrator. It has the function to measure USB and LSB, ±17[Hz] of AF track circuit nominal frequency. It has the SCAN function to measure frequency that has the biggest input value in AF frequency diagnosis function and data point. It has the function to measure impulse voltage of HVI track circuit directly. For convenience of the railway signal engineer, we change manual terminal range into auto range. We studied the device to be simple as portable of measurement Multi-Function of HVI and AF track circuit. Application of AITM studied through this dissertation is judged to contribute to safety, reliability and rapidity.