Pennsylvania Route 492 (designated by the Pennsylvania Department of Transportation as SR 492) is an 8.23-mile (13.24 km) long state highway located in Susquehanna county in Pennsylvania. The western terminus is at U.S. Route 11 in New Milford. The eastern terminus is at Route 92 in Jackson Township.

Route 492 begins at an intersection with U.S. Route 11 (Main Street) in downtown New Milford. Route 492 heads eastward as Jackson Street, passing several residences and a local ballfield before turning southeastward off of Jackson Street into Exit 223 of Interstate 81. After the interchange, Route 492 turns southeastward again, paralleling the interstate through fields and residences before intersecting with Quadrant Route 1012 (East Lake Road) in New Milford. Route 492 turns eastward through forestry before turning northeastward just before Township Road 688.

After the intersection with Township Road 627, Route 492 makes a gradual curve and enters the hamlet of Lakeside. In Lakeside, the highway passes several residences and to the south of Page Lake. After leaving Lakeside, Route 492 heads eastward through fields before intersecting with the northern terminus of Route 547 and the southern terminus of Quadrant Route 1019. Route 492 continues on its southeastern progression until turning off at Swistro Road, where it turns to the northeast. Route 492 continues through the hamlet of Jackson, where the designation terminates at an intersection with Route 92.

The entire route is in Susquehanna County.