The southern terminus of NC 132 begins at U.S. Route 421 (US 421) in the census-designated place of Myrtle Grove south of Wilmington.

NC 132 shares a short concurrency at the eastern terminus of Interstate 40 (I-40), before continuing north toward Castle Hayne.

NC 132 passes Cape Fear Academy to the east, and intersects 17th Street southeast of downtown Wilmington.

[2] College Road passes Pine Valley Country Club to the east, before intersecting US 117 at Shipyard Boulevard/Long Leaf Hills Drive.

North of the university, NC 132 continues through a commercial area and slightly turns to the northwest after intersecting Oriole Drive.

[6] In Kings Grant, NC 132 crosses Smith Creek, a tributary of the Cape Fear River, and meets Interstate 40 (I-40) at its eastern terminus.

NC 132 and US 117 run concurrently with I-40 for approximately one-half mile (0.80 km), before exiting the freeway and continuing to the northwest along College Road.

The road is considerably more rural north of I-140, with large wooded areas adjacent to the roadway.

NC 132 begins a turn to the northwest toward Castle Hayne to the north of an intersection with Blue Clay Road.

The highway crosses a railroad track, before ending at a roundabout with US 117 and NC 133 just south of Castle Hayne.

[12][13] The construction of future I-40 in Wilmington built a new interchange at Gordon Road, requiring NC 132 travelers to use the exit ramps from the freeway.

Additionally, the US 17 Business (Market Street) interchange would be reconstructed, with the southbound on and off-ramps being adjusted to intersect Van Campen Boulevard.

Project U-5702B would construct similar improvements between the southern terminus of NC 132 at US 421 (Carolina Beach Road) and Shipyard Boulevard.