West Midlands Fire Service said two engines attended from Wolverhampton and Fallings Park stations and the platform is still closed on Thursday morning.
The fire involved the under carriage of a train at platform three and saw both platforms three and four closed off and trains cancelled or delayed as a result.
There were also services diverted along alternate routes and a rail replacement service requested between Wolverhampton and Shrewsbury.
There are no reported injuries.
A spokesman for National Rail Enquiries said: "A fire on a train at Wolverhampton means all lines are blocked.
"As a result, trains may be cancelled, delayed by up to 30 minutes or diverted.
"This is expected until 18:00.
"Some services may divert via an alternative route where possible, this will add 10-15 minutes onto the journey time.
"Trains which do divert will not be able to call at Coseley, Tipton, Dudley Port, Sandwell & Dudley, Smethwick Galton Bridge or Smethwick Rolfe Street.
"Road transport has been requested to run between Shrewsbury and Wolverhampton."
A spokesman for West Midlands Fire Service said: "Trains to Platforms 3 and 4 have been stopped.
"We are working closely with rail staff to bring the incident to a safe conclusion.
"For service updates please see @NationalRailEnq on Twitter."