Highway 337 begins near the Van Buren/Cleburne county line in the Ozark Mountains.

The highway terminates at the border of the Sugar Loaf Use Area on Greers Ferry Lake, which is owned and maintained by the United States Army Corps of Engineers (USACE, or "the Corps").

[3] The campground has 57 RV/tent sites, two boat ramps, and the Sugar Loaf Mountain Nature Trail.

[4] As of 2016, the route had an annual average daily traffic (AADT) of 280 vehicles per day (VPD), earning a classification as a very low volume local road by the American Association of State Highway and Transportation Officials (AASHTO), meaning fewer than 400 vehicles per day.

It runs southeast to an industrial area before paralleling the Little Red River.