The street runs from the corner of Ibn Gabirol Street in its southernmost point to the port area of Tel Aviv in its northwestern point. Dizengoff Street is one of the most important streets in Tel Aviv, and has played an essential role in the development of the city. Since the 1970s, Dizengoff Street has suffered urban decay.
In the street's heyday, it was described as the "Champs-Élysées of Tel Aviv". In Hebrew slang, a new word was coined based on the iconic status of this street: "l'hizdangef" (Hebrew: להזדנגף), literally "to Dizengoff oneself, ie., to stroll down Dizengoff."  Since the 1970s, Dizengoff Street has suffered urban decay. The advent of the shopping mall, Dizengoff Center is cited as a principal reason for the decline, along with changes in the configuration of Dizengoff Square.
The stretch of Dizengoff Street northward to Dizengoff Square was once very upscale but has since declined. North of Dizengoff Square, the street still has better and more upscale shops, filled with designer name stores. The street is still full of coffee shops and clothes stores, in addition to a large number of bridal clothing stores. Towards the southern end of the street is the landmark Dizengoff Square and Dizengoff Center shopping mall.