It connects the towns of Toutes Aides, Crane River, and Eddystone with the O-Chi-Chak-Ko-Sipi First Nation and the northwestern coastline of Lake Manitoba.

After a few kilometres, the highway enters Toutes Aides, travelling along the south side of town as it shares a short concurrency with PR 276 and crosses a couple of creeks.

Leaving Toutes Aides, PR 481 heads northeast via a couple switchbacks through wooded areas before meeting the coastline of Lake Manitoba as it enters the town of Crane River, turning sharply southward as it travels through town.

It then crosses a bridge over the Crane River to leave the town and enter the neighbouring O-Chi-Chak-Ko-Sipi First Nation, almost immediately making an abrupt right turn to travel southward through neighbourhoods along the riverbank.

The highway heads south through remote woodlands for several kilometres to join the coastline again, now winding its way southeast through farmland to pass through the communities of Guynemer, Cayer, and Moore Dale, before coming to an end at a junction with PTH 68 (Northern Woods and Water Route) just as its entering the hamlet of Eddystone.