Pershing Square station is an underground rapid transit (known locally as a subway) station on the B Line and D Line of the Los Angeles Metro Rail system. The station also has street-level stops for the J Line of the Los Angeles Metro Busway system. The station is located under Hill Street between 4th and 5th Street. It is located in Downtown Los Angeles with one station entrance across the street from Pershing Square, after which the station is named, and the other is located near the historic Angels Flight funicular which provides access to the high-rise office buildings in the Bunker Hill neighborhood.

B Line trains run every day between approximately 4:30 a.m. and midnight. D Line trains run every day between approximately 5 a.m. and midnight. Towards North Hollywood or Wilshire/Western, trains operate every 12 minutes throughout the day. Early morning and night service is approximately every 20 minutes. Towards Union Station, trains run every six minutes throughout the day. Early morning and night service is approximately every 10 minutes.

J Line buses run 24 hours a day between El Monte Station, Downtown Los Angeles, and the Harbor Gateway Transit Center, as route 910. Some trips continue to San Pedro between 6 a.m. and 8 p.m. and are signed as Route 950. On weekdays, buses operate every four to eight minutes during peak hours. They operate every 10 minutes in the midday, 20 minutes during evenings, 40 minutes during nights, and every hour overnight. On weekends, buses arrive every 15 minutes most of the day. They operate every 20 minutes during evenings, 40 minutes during nights, and every hour overnight.

In addition to the rail and busway services, Pershing Square station is a major hub for municipal bus lines. As of spring 2024, the following connections are available:

• Los Angeles Metro Bus: 4, 10, 14, 16, 18, 28, 30, 33, 37, 38, 40, 45, 48, 53, 55, 62, 76, 78, 81, 92, 94, Express 460, Express 487, Express 489*, Rapid 720

• City of Commerce Transit: 600
• Foothill Transit: Silver Streak
• LADOT Commuter Express: 419*
• LADOT DASH: B, D
• Montebello Bus Lines: 40, 50, 90 Express*
• Torrance Transit: 4X*

Note: * indicates commuter service that operates only during weekday rush hours.

The station is within walking distance of the following notable places:

• Angels Landing – Two high-rise buildings planned on the site above the station
• Grand Central Market
• Historic Core/Broadway
• Jewelry District
• Richard J. Riordan Central Library
• Millennium Biltmore Hotel
• Pershing Square
• Title Guarantee and Trust Company Building
• U.S. Bank Tower
• Los Angeles Theatre Center (LATC)

The station is decorated with a neon art piece by Stephen Antonakos. The work pays tribute to the first neon sign in the United States, which was hung in 1924 in the Pershing Square area.