The highway connects mostly rural areas of Orangeburg and Lexington counties with Swansea.

It runs generally north and south though it is officially designated as an east-west highway with its western terminus at U.S. Route 321 (US 321) in Swansea and its eastern terminus at SC 172 east-northeast of North.

After passing a pair of churches at the beginning of the highway, SC 692 heads east through a residential neighborhood and passing the football stadium for Swansea High School.

It exits the town limits, curves to the southeast, and begins to travel through a more rural setting including farmlands and woods.

It crosses Third Creek, curves to the south, and enters Orangeburg County.