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I will be traveling from Trento to Munich this summer. Any suggestions ? should I book rail or fly?

I am not sure how close Trento is to the nearest airport and I suspect that would make a difference. But I checked the train site that I use a lot for planning and the train trip is 4 1/2 hours and from the looks of the route, the scenery would be beautiful during the ride.
Train schedule website:
http://www.reiseauskunft.bahn.de/bin/query.exe/en

cls2paris is correct..the service to Munich runs several times daily and travels over the Brenner Pass, through Innsbruck, etc. Plenty of great scenery and I think it wouldn't be worth the time or money to fly but that's obviously a personal decision.

The reference library of a city near you have the Thomas Cook European Timetable. Table 70 shows your trains, each with a restaurant car
Trento 0958, Munich 1428.
Trento 1102, Munich 1628.
Trento 1302, Munich 1828.
Trento 1502, Munich 2028.
Trento 1702, Munich 2227.
There are also two night trains, but you board at 0140 and 0358 and miss the great Alpine scenery. The second class express train fare from Venice to Munich is 71 euros, so from Trento might be 65 euros.

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I know people who live in Trento, and I can tell you that nobody, nobody, flies between Trento and Munich. Everyone either takes the train (every 2 hours) or drives. It's a very nice train trip, I've taken it in both directions. The one train to be careful about is the Eurocity "Michelangelo", which originates in Rome and tends to be very full. This is the train departing Trento at 13:57 bound for Munich.

The train schedules posted above are incorrect. Eurocity trains from Trento to Munich leave TRENTO at the following times, daily:
9:58, 11:58, 13:58, 15:58 and 17:58. Travel time is 4 hrs. 30 minutes.

As stated in my posting above, the train leaving at 13:58 tends to be full, as it is the "Michelangelo" which originates in Rome, and picks up many passengers in Arezzo, Florence, Prato, Bologna, Verona and Rovereto. Seat reservations on this train would be particularly useful.