Highway 316 serves as a north–south route in southeast Minnesota between Welch Township and the city of Hastings.

Highway 316 and adjacent U.S. 61 are part of the Great River Road.

It is also known as Red Wing Boulevard and Polk Avenue at various points throughout its route.

The southern end of the route passes through the Richard J. Dorer State Forest.

Highway 316 functions as a shortcut along U.S. 61 between Red Wing and Hastings.