State Road 48 (NM 48) is a 22.140-mile-long (35.631 km) state highway that runs north–south through the Sacramento Mountains, which are part of the Lincoln National Forest in Lincoln County, New Mexico in the United States.

NM 48's southern terminus is at U.S. Route 70 (US 70) in the Hollywood neighborhood of Ruidoso, and the northern terminus is at US 380 in Capitan.

It ends at its northern terminus at US 380 in Capitan.

The entire route is in Lincoln County.

Geographic data related to New Mexico State Road 48 at OpenStreetMap