It served as a bypass of the village of Schuylerville, linking NY 29 west of the village to U.S. Route 4 (US 4) and NY 32 in the southern portion of Schuylerville.

West of the village limits, NY 338 was known as Monument Road; within Schuylerville, it was named Burgoyne Street.

The highway headed to the southeast as Monument Road, passing over small hills as it encircled the western extents of Schuylerville.

At the Cemetery of the Visitation BMV, site of the Saratoga Monument, NY 338 merged with Burgoyne Road and became Burgoyne Street.

On April 1, 1980, the NY 338 designation was removed and reassigned to another roadway in Washington County that had been transferred from the county to the state.