The omission comes despite calls for improved transport links for the growing community, which has not had a train station in 60 years.
Welsh Conservative leader Andrew RT Davies said the decision was “a huge missed opportunity.”
He said: “Leaving St Athan out of plans for new rail in Wales is a snub to the Vale, and a huge missed opportunity.
“St Athan has seen massive development in recent years, and we need the infrastructure to catch up.
“Sadly, despite the wheels already being in motion to bring a station back to St Athan, the Chancellor has shelved the plans.
“This spending review was a chance to take the station forward and provide more links and more growth in our county.
“It’s high time that this government recognised that the Vale of Glamorgan is a crucial part of the south Wales economy that deserves investment.”
The UK Government’s recent spending review, announced by Chancellor Rachel Reeves, included £445 million for rail upgrades in Wales over the next decade.
Five new stations are planned for south Wales: Cardiff East, Newport West, Somerton, Llanwern, and Magor & Undy.
The funding will also be used to upgrade existing lines and fix level crossings.
St Athan, which is said to have seen over 20 per cent population increase between 2011 and 2021, was not included, despite earlier UK Government backing for a business case.
Following the recent General Election, the new Labour Government announced a review of transport capital spending, which delayed the project.
The nearest stations remain Llantwit Major and Rhoose, both several kilometres from St Athan.
Ken Skates, cabinet secretary for transport and north Wales, said: “The spending review will deliver £445 million of rail enhancements for Wales.
“This is made up of £350 million for this spending review period and £95 million from the 10-year infrastructure strategy.
“After years of calling for fair rail funding for Wales, the tap has finally been turned on.”
He said the Welsh Government had agreed an “ambitious pipeline of improvements” to address past underinvestment.
He added: “We are also working with the UK Government on exciting plans for rail reform that will further strengthen the Wales and Borders network.”