Matagalpa is 130 km north of Managua, about two to three hours by road depending on traffic. The Pan-American Highway runs north from Managua and turns east at Sébaco, from where the road climbs into the highlands to Matagalpa. The scenery on this last stretch — climbing up through coffee country into the cool mountains — is one of the better approaches in Nicaragua.
Regular buses and minibuses run from Managua's Mayoreo and Mercado Huembes terminals to Matagalpa throughout the day. Expreso buses (faster, fewer stops) take about two and a half hours; ordinary buses take longer. There are also direct services from Estelí and the northern border crossings.
Matagalpa has no airport. If you're coming from outside Nicaragua, you'll fly into Managua and connect by road.