The accident took place at 3:15 AM at Penukonda Station, which comes under Bangalore division of South Western Railway.
Three bogies, one SLR and two second class coaches, were derailed due to the collision. One of the coaches also caught fire, railway officials said.
The fire has been brought under control and rescue and relief operations were going on, they said.
"Fourteen people have been killed and 35 others injured when the train, travelling from Hubli to Bangalore, collided with a goods train at Penukonda Station. It is a case of rear end collision," Railway Spokesperson Anil Saxena said in Delhi.
The injured have been admitted to nearby hospitals.
"The reason of the accident is yet to be ascertained but prima facie it seems that the driver of Hampi Express overshot the signal," the spokesperson said, adding senior railway officials have rushed to the spot.
Charu Sinha, DIG, Anantpur Range said eight persons were completely charred in the mishap.
Five bodies have been extricated and about 70-80 people were rescued, Sinha said, adding about 35 injured have been hospitalised.
The driver of the passenger train fell unconscious after the mishap.
Railway Minister Mukul Roy, who was in Kolkata, has rushed to the site of the accident and ordered an inquiry into it.
Commissioner Railway Safety (Southern Circle), S K Mittal will conduct a statutory inquiry and has been asked to submit a report at the earliest.
Roy also announced a compensation of Rs five lakh to the next of kin of the deceased, Rs one lakh for those who sustained grievous injuries and Rs 50,000 to those who received minor injuries. The injured have been admitted to nearby hospitals. MORE