SR 723 begins at a junction with U.S. Route 50 (US 50) approximately 4 miles (6.4 km) west of downtown Fallon. From there, the highway runs northward along Soda Lake Road, a two-lane road through mostly residential and rural agricultural areas. The highway follows Soda Lake Road due north for about 2 miles (3.2 km) before reaching its terminus at an intersection with Cox Road, on the southeastern flank of the Soda Lakes volcano.[1][2]
The alignment of present-day SR 723 appears on maps as early as 1937.[3][4] However, it was not designated as a state highway until January 1, 1978.[5]