The road is described by the Texas Department of Transportation (TxDOT) as "a 4-lane depressed median arterial with at-grade signalized intersections".

The last section of roadway for Loop 360 (excepting the bridge) between RM 2244 and FM 2222 was approved on September 30, 1976.

The north and south sections of Loop 360 were connected when the Pennybacker Bridge was opened for traffic on December 3, 1982.

On July 14, 2004, the Capital Area Metropolitan Planning Organization (CAMPO) changed segments of the future designation to a toll road, despite popular outcry.

On December 6, 2006, the Mobility Alternatives Finance Study final report, commissioned by the City of Austin and other central Texas municipalities, noted the poor financial feasibility of toll conversion by stating "Loop 360's toll revenue funds the smallest share of its construction cost (7%)" given a construction cost of $741 million with revenue bonds backed by future tolling of Loop 360 contributing just $51.8 million (in 2006 dollars).

Because of the hilly terrain on the east side of the road, with right timing and clear weather, a traveler on loop 360 in early morning can enjoy multiple sunrise scenes, the most spectacular one can be seen from the Pennybacker Bridge over Lake Austin.

Just after the Wild Basin entrance, drivers and bikers can pull into a scenic vista and take in a view of downtown Austin including the state capitol building and University of Texas Tower.