The route of Highway 501 was, and remains, a short access road to summer cottages and islands along the rugged Georgian Bay shoreline, and the small port of Honey Harbour.

The area, known for its scenic granite outcroppings, overlays the southern fringe of the Canadian Shield.

Beginning at Port Severn, west of the modern Highway 400 interchange (exit 156) at what is now Violet Drive, the route travelled west for 1.3 kilometres (0.81 mi) to a crossroads, then proceeded north.

The route meandered north and westward through the forest before entering Honey Harbour.

It connected Port Severn with Honey Harbour along a 13.1 kilometres (8.1 mi) route.