Alberta Provincial Highway No. 54, commonly referred to as Highway 54, is an east–west highway located in central Alberta. It is 70 kilometres (43 mi) in length, starting at Highway 22 (Cowboy Trail), 8 kilometres (5.0 mi) west of the Village of Caroline, and ending at exit 365 of Highway 2 (Queen Elizabeth II Highway) at the south end of the Town of Innisfail.

Highway 54 originally passed through Innisfail's central business district along 50 Street, ending at Highway 2 / Highway 590 interchange. In 2008, Highway 54 was aligned along a new bypass and linked to Highway 2 at an interchange that was previously opened in 2005.

Major intersections

From west to east:

Rural/specialized municipality	Location	km	mi	Destinations	Notes
Clearwater County	​	0.0	0.0	Hwy 591 west – Ricinus Hwy 22 north – Rocky Mountain House	West end of Hwy 22 concurrency
		0.2	0.12	Crosses the Clearwater River
	Caroline	8.1	5.0	50 Street (Range Road 61)
	​	13.0	8.1	Hwy 22 south – Sundre, Cochrane	East end of Hwy 22 concurrency
		16.3	10.1	Hwy 761 north – Stauffer, Leslieville
Red Deer County	​	32.8	20.4	Hwy 766 – Eckville
	Spruce View	37.6	23.4	UAR 114 north (Range Road 31) – Dickson
	​	50.5	31.4	Crosses the Medicine River
		52.3	32.5	Hwy 781 north – Sylvan Lake
		61.0	37.9	Crosses the Red Deer River
	Innisfail	65.0	40.4	Lakewood Drive to Hwy 590 east / 50 Street	Former Hwy 54 alignment
		69.4	43.1	Hwy 2 – Red Deer, Edmonton, Calgary	Interchange; Hwy 2 exit 365
1.000 mi = 1.609 km; 1.000 km = 0.621 mi       Concurrency terminus