A guide rail installation arrangement and a method for installing guide rails are disclosed. The guide rail installation arrangement for installing guide rails in an elevator shaft includes at least one vertically moveable working platform within the elevator shaft for reaching the installation height and a material hoist for moving guide rail sections for installing the guide rail sections. The guide rail installation arrangement further includes a transport frame for transporting guide rail sections vertically within the elevator shaft and a frame hoist that is attachable to the transport frame for vertically moving the transport frame and for optionally moving the guide rail sections for loading the guide rail sections into the transport frame.