The South East Water pipe is believed to have broken this morning at Buckhurst Moors, Binfield, and the gushing water has since completely covered the train tracks.
Steve Stewart, spokesman for the South West Trains-Network Rail Alliance said: "Services through Bracknell are currently being disrupted due to flooding on the line caused by a burst water main in the local area.
"Lines through Bracknell are currently blocked and no services are able to run through the station until further notice."
Passengers are advised that trains between Reading and London Waterloo will start and end at Ascot and that an hourly train shuttle service will run between Reading and Wokingham.
Trains will not call at Bracknell and Martins Heron but a bus service will supplement trains between Wokingham and Ascot calling at all stations. Buses will depart Wokingham at five and 35 minutes past the hour and from Ascot at 20 and 50 minutes past the hour.
Trains between Reading and Guildford may be delayed by up to 40 minutes
Tickets will also be accepted by the following operators on "reasonable" routes:
- First Great Western are accepting South West Trains passengers via London Paddington or Guildford.
- London Underground will accept South West Trains passengers between London Paddington and London Waterloo.
For further information and updates visit National Rail Enquiries.
South East Water customers in Bracknell, Wokingham and Crowthorne are also reported to to have been experiencing low water pressure as a result of the burst.