Street, Path, Way
The kanji and the word are exactly the same. That means they share meanings as well.
Don't confuse this with the word 〜道, though. This one doesn't have a 〜 at the beginning, meaning it's not attached to other words. This word is just plain old road. It has its own meaning!
Since this word is made up of a single kanji, it should use the kun'yomi reading. When learning the kanji, you didn't learn that reading, so here's a mnemonic to help you with this word:
You're walking down the road. On the road, you bump into your friend, Mitch (みち). Imagine saying hello, then continuing down the road. What's weird is you're both walking down a paved road with cars on it. Seems dangerous, but you and Mitch, you know what you're doing.
If you don't know anyone named Mitch, think of a famous Mitch or a Mitch you've made up.
My father jogs on this street every morning.
I walked desperately down a long road and came to Tokyo.
Hollywood has a road with many celebrity names on it.