It runs west–east from Highway 5 east of Mountain View as gravel to Cardston, then pavement through Del Bonita and Milk River to Highway 879, then gravel again to the Saskatchewan border.

From Highway 889, on through to Saskatchewan, it follows the path of the Red Coat Trail.

[1] The section of Highway 501 between Cardston and the ghost town of Whiskey Gap was originally designated as part of Highway 40, where Highway 40 continued south to the Canada–United States border.

[3][4] The Cardston truck bypass is officially designated as part of Highway 501 but it unsigned.

The signed designation follows 9th Avenue through Cardston, and then follows a short concurrency with Highway 2.