The highway serves as an alternate route to the former NC 59 by bypassing downtown Hope Mills.

NC 162 is a short road at only 7.5 miles (12.1 km) in length.

The road begins at U.S. Route 401 (US 401) near the Lafayette Shopping Center.

It traversed from NC 16 in Warrensville, to Rugby Road at the Virginia state line.

In 2013, after widening and other improvements on Elk Road, NC 162 was extended west along Elk Road to its current terminus with I-95 Bus/US 301, completing the Hope Mills bypass.