The round ligament represents the remnant of the left fetal umbilical vein. The round ligament therefore only exists in humans (and other animals) that are more than a few months old. Prenatally and for a month or two after birth, the umbilical vein is patent.
The umbilical vein/round ligament inserts around the umbilicus and is an important landmark of the inner surface of the anterior abdominal wall.