"Train station" is not an official name yet. It may have been referenced in the storyline as such, but has not been officially named. Alternatively, it may be a name popular among fans, but has no official basis.
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The train station is where Adventure Bay residents, and other people/animals, go if they want (or need) to depart or arrive to Adventure Bay. It is also where the train departs and arrives. The train also comes here to deliver and collect packages to and from the post office if the Mailman is not able to go long distance (which he is usually able to). Mr. Hudson is the train engineer. It has not been seen very often; the most appearances it has had was in Season 1.