It originates in the northwest corner of Yellowstone National Park in northwestern Wyoming, in the Gallatin Range of the Rocky Mountains.

[5] The river is a Class I water from the Taylor Fork to its confluence with the Missouri for the purposes of public recreational access.

There was a significant amount of consideration given to the idea of running the railroad through the canyon to increase travel between Yellowstone National Park and Bozeman, Montana.

Pete Karst moved into the canyon in 1898 to homestead a ranch, and ran everything from an inn for travelers to serving liquor he made on the premise during Prohibition days.

His most successful endeavor in the canyon was a bus route he ran in 1924 from Salesville (now Gallatin Gateway) to Yellowstone National Park.