State Road 237 (NM 237) is a 2.410-mile-long (3.879 km) state highway in the U.S. state of New Mexico.

Its western terminus is at Interstate 40 Business (I-40 Bus.)

It also provides the routing for Business Loop US 54.

NM 237 is the former routing of US 54, before US 54 was extended further east along Interstate 40 (I-40) from exit 329 to exit 333.

The entire route is in Tucumcari, Quay County.