Managed by the Madrid regional government as a primary road in the regional network, it comprises a motorway-grade (autovía) section (from Alcorcón to Navas del Rey) and a two-lane road section (from Navas del Rey to the border with the province of Ávila).

It is named after the old comarcal road C-501 that connected the cities of Alcorcón (near Madrid) and Plasencia (in Extremadura), which was split in three parts and transferred to the relevant autonomous communities.

[1] The M-501 begins at the intersection of the M-40 beltway and the M-511 dual carriageway near Pozuelo de Alarcón and Boadilla del Monte.

It borders the latter town, intersecting the M-50 beltway and is later joined by the M-506 near Villaviciosa de Odón and the European University of Madrid.

It then crosses the future highway M-600 south of Brunete and continues west to Chapinería and Navas del Rey, where the autovía stretch ends at a roundabout.