The highway was originally part of US 75 until the "Katy Memorial Freeway" was built to bypass Denison. US 75 was transferred on to its present route and the old route was re-designated as Spur 503 on March 1, 1972. On December 21, 1994, Spur 503 was extended from SH 91 to US 69, replacing part of Business U.S. 75.
The entire route is in Denison, Grayson County.