Leaky waveguide has been adopted in communication based train control (CBTC) systems, as it can significantly enhance railway network efficiency, safety and capacity. Since CBTC systems have high requirements for the train ground communications, modeling the leaky waveguide channels is very important to design the wireless networks and evaluate the performance of CBTC systems. In the letter, we develop a finite-state Markov channel (FSMC) model for leaky waveguide channels in CBTC systems based on real field channel measurements obtained from a business operating subway line. The proposed FSMC channel model takes train locations into account to have a more accurate channel model. The overall leaky waveguide is divided into intervals, and an FSMC model is applied in each interval. The accuracy of the proposed FSMC model is illustrated by the simulation results generated from the model and the real field measurement results.