The paper proposed a sizing method of an energy storage system(ESS) for peak shaving of high-speed railway substations based on load profile patterns of substations. A lithium based battery ESS was selected since it can produce high-power at high speed that peak shaving requires, and also takes up a relatively smaller space for installation. Adequate size of the ESS, minimum capacity which can technically meet a peak shaving target, was determined by collectively considering load patterns of a target substation, characteristics of the ESS to be installed, and optimal scheduling of the ESS. In case study, a local substation was considered to demonstrate the proposed sizing method. Also economic analysis with the determined size of ESS was performed to calculate electricity cost savings of the peak shaving ESS, and to offer pay-back period and return on investment.