The street runs parallel to and to the north of Collins Street and as a narrow one way lane takes on the name of the wider main street.
Little Collins Street runs roughly from east to west and it bisects the CBD (known as the Hoddle Grid) along its long axis. Little Collins Street runs between the parallel Collins Street and Bourke Street streets.
The street has some notable buildings, including the CH2 (Council House 2 - the world's first Six star rating environmentally friendly building), Victoria Hotel, City of Melbourne buildings and ANZ World Headquarters. On the corner of Little Collins Street and King Street is the city's first and only school, Melbourne City School, housed in a three-story bluestone heritage building.
At the western end is Bank Place, a significant old lane which provides pedestrian access to Collins Street between Queen Street and William Street. The block between Queen Street and William Street has a large number of weekday cafes.
The section between Exhibition Street and Elizabeth Street has many Australian fashion boutiques, primarily focusing on men's fashion, such as Joe Black the Tailor, Bettino Liano, Tailor, Chiodo, Scanlan & Theodore, Arthur Galan AG, Calibre, Saba, Roy Christou, Déclic, Satch and Assin. Australian Jewellery Designer, Stefano Canturi, has a boutique at the entrance to the historic Royal Arcade.
International designers Kenzo, Ted Baker and Escada  have flagship stores on Little Collins Street. Also located within this precinct are established and well known cafes and restaurants such as Verve and Il Baccaro, and the new store allmerch, a division of Bentick and Murphy inc.