Oregon Route 540 (OR 540) is an Oregon state highway running from North Bend to Cape Arago State Park.

It is 14.20 miles (22.85 km) long and runs northeast to southwest, entirely within Coos County.

It travels west along Virginia Avenue, turning south onto Broadway Street, then west again on Newmark Avenue where it enters the city of Coos Bay.

At the western edge of Coos Bay, OR 540 turns southwest, traveling through the towns of Barview and Charleston.

For its remaining length, the highway skirts the coastline to Cape Arago State Park, where it ends, becoming Cape Arago Road.