Highway 201, better known by its official names of Stoney Trail and Tsuut'ina Trail, is a 101-kilometre (63 mi) freeway that encircles Calgary, Alberta. It serves as a bypass for the congested routes of 16 Avenue N and Deerfoot Trail through Calgary (Highways 1 and 2, respectively). At its busiest point near Beddington Trail in north Calgary, the six-lane freeway carried nearly 70,000 vehicles per day in 2023, and forms part of the CANAMEX Corridor which connects Calgary to Edmonton and Interstate 15 in the United States via Highways 2, 3, and 4.

The official starting point of the ring is at Deerfoot Trail in southeast Calgary, with exit numbers increasing as the freeway proceeds clockwise. West of Deerfoot, it crosses the Bow River and Macleod Trail before turning north and becoming Tsuut'ina Trail as it crosses Fish Creek into the Tsuutʼina Nation. North of the Elbow River, the name reverts to Stoney Trail as the highway bends west to a split from Highway 8. It turns north across Highway 1 and a second crossing of the Bow River near Canada Olympic Park to Crowchild Trail, winding through the hills of northwest Calgary to Deerfoot Trail and the southern end of the Queen Elizabeth II Highway. Turning south, the ring again intersects Highway 1, crosses Glenmore Trail, and curves west at the neighbourhood of Mahogany back to Deerfoot Trail, completing the ring.

The freeway's "Stoney" name is derived from the Nakoda First Nation, one of several major thoroughfares in the region that bear Indigenous names. Construction first began in northwest Calgary as an expressway in the 1990s, incrementally extending clockwise towards Deerfoot Trail before two public–private partnership (P3) projects completed the northeast and southeast sections in 2009 and 2013, respectively. After decades of attempting to acquire right of way from the adjacent Tsuutʼina Nation for the southwest portion of the road, Alberta finally struck a CA$275 million deal in 2013 with the Nation that included a transfer of Crown land and other compensation, allowing completion of the southwest quadrant in 2021. A final short segment between Highways 1 and 8 opened in 2023, some 70 years after Calgary city planners had first presented plans for the ring road.

Stoney Trail encircles all of Calgary. The northern and southern sections create a northern and eastern bypass link between Highway 1 (Trans-Canada Highway) and Deerfoot Trail (Highway 2). Most of the highway is 6 lanes except for several short 8 lane sections in West Calgary and a 4 lane section in Northeast Calgary.

Due to the western side of the city being located in the outer limits of the Rocky Mountain foothills the west section of Stoney Trail intersects several hills and valleys with many stream crossings, broad sweeping curves and moderately steeps hills as it navigates its way though rolling terrain.

Alberta Transportation defines the interchange between Stoney Trail and Deerfoot Trail (Highway 2) in Southern Calgary as the starting and ending point of the ring road with exits numbered clockwise. Starting from this interchange Stoney Trail heads west and immediately dips into the Bow River valley and crosses the river. After exiting the valley it passes though an interchange at Chaparral Boulevard/Sun Valley Drive before meeting Macleod Trail at a free flowing combination interchange. From here the highway continues west though two more interchanges (6th Street/Sheriff King St and Spruce Meadows Drive/James Mckevitt Road) before reaching a left hand exit for Highway 22X where Stoney Trail curves north.

From here the highway follows the western edge of the city passing through interchanges at 162nd Avenue and Fish Creek Boulevard before crossing Fish Creek itself on a pair of bridges carrying 8 lanes of traffic. At this point Stoney Trail enters the Tsuu T'ina Nation Reservation and Highway 201's name changes to Tsuut'ina Trail to reflect this. The highway continues past a major new shopping development on the reservation serviced by a small half-diamond interchange at 130th Avenue and a larger combination interchange at Anderson Road. It then veers away from the edge of the city cutting through a corner of the reservation and passing a small interchange for 90th Avenue. It then descends across a wide causeway to cross the Elbow River on a 10 lane bridge before meeting Glenmore Trail and Sarcee Trail and two smaller roads in a very large free flowing combination Interchange. Here the highway turns west exiting the Tsuu T'ina Reservation, once again becoming Stoney Trail. After passing an interchange at 69th Street/Discovery Ridge Boulevard Stoney Trail reaches a directional T interchange with Highway 8 where the ring road once again turns north and ascends Coach Hill passing through 3 interchanges (17th Avenue, Bow Trail and Old Banff Coach Road) before dropping down a steep excavated cut to meet Highway 1 in another large free flowing combination interchange.

After passing though the Highway 1 interchange, 8 lanes of Stoney Trail cross the Bow River on a pair of high bridges before passing through an interchange at Nose Hill Drive and ascending a long hill past another interchange at Tuscany Boulevard/Scenic Acres Link and then a large modified cloverleaf interchange at Crowchild Trail (Highway 1A). From here the highway levels out and begins to make a broad turn through Northwest Calgary passing through interchanges at Country Hills Boulevard, Sarcee Trail, Shaganappi Trail and Beddington Trail before crossing West Nose Creek. It then climbs up a small hill, turns completely east and passes though interchanges at 14th Street, Harvest Hills Boulevard/Center Street and 11th Street before reaching the large free flowing combination interchange at Deerfoot Trail (Highway 2) which is one of the largest Interchanges in Western Canada by footprint area.