The New Zealand Transport Agency is proposing speed reductions on nine sections of State Highway One between Taupō Airport, just south of the town, and Tūrangi.
There have been nearly 293 crashes on the 44km route between 2009 and last year.
Eleven people have died and 34 were seriously injured in that time.
NZTA acting director of regional relationships Ross I'Anson said regardless of what causes a crash, speed could be the difference between walking away or being carried away.
The agency said making changes to speed limits was something that could be done reasonably quickly to make the road safer.
Consultation on the plan has opened and ends on 22 November.
The agency will then consider any feedback before making a final decision.
The proposed changes affect Waitahanui, Hatepe, Motuoapa, Te Rangiita, Bulli Point and near Tūrangi.
Existing 100km/h limits would drop in some places to 80km/h and 60km/h.
One 80km/h zone would drop to 60km/h, and three 70km/h zone would go down to 60km/h.