In 2003, the road was renamed in honor of Martha Layne Collins, the first female governor of Kentucky.

[4] The parkway begins in Hardin County, at a trumpet interchange with I-65 near Elizabethtown.

It traverses Nelson, northern Washington, northern Mercer, southern Anderson, and Woodford counties, passing Bardstown, Lawrenceburg, and ending just east of Versailles at US-60, where high-speed ramps allow traffic to continue to Lexington via US-60 eastbound.

There have been talks for a direct connection from the eastern terminus of the parkway at US 60 to I-64, but nothing has been finalized.

Such a connection would likely face opposition in the Lexington area due to the many horse farms that would be adversely affected as the thoroughbred breeding industry is an important direct employer and a major tourist draw in the region.