It is an east-west road that runs 3.7 miles (6.0 km),[1] is four lanes wide with provisions for center turn lanes where necessary, and serves as a connecting route between U.S. Route 27 (US 27) and eastern Ocala, Silver Springs, and the Ocala National Forest.

State Road 492 begins as a continuation of Northwest 10th Street at the north end of the concurrency of US 27, US 301 and US 441.

At North Magnolia Avenue (County Road 464A (CR 464A)[citation needed]), the road turns into Northeast 10th Street, but within the block the road crosses a railroad line also owned by Florida Northern Railroad, and then Northeast Osceola Avenue before entering the "New" 14th Street Overpass, which goes over another railroad line specifically the CSX Wildwood Subdivision, part of the CSX S-Line that was used by Amtrak until 2004.

SR 492 runs parallel to that railroad line before the intersection of Northeast Eighth Avenue, but curves straight east again at the intersection of Northeast 10th Avenue.

Eastbound traffic seeking access to SR 492 must use North 36th Avenue.