A propagator for the one dimensional time-dependent Schrödinger equation with an asymmetric rectangular potential is obtained using the multiple-scattering theory approach. It allows for the consideration of the reflection and transmission processes as the particle scattering at the potential jump (in contrast to the conventional wave-like picture) and for accounting for the nonclassical counterintuitive contribution of the backward-moving component of the wave packet attributed to the particle. This propagator completely resolves the corresponding time-dependent Schrödinger equation (defines the wave function ψ(x, t)) and allows for considering the quantum mechanical effects of a particle reflection from the potential downward step/well and a particle tunneling through the potential barrier as a function of time. These results are related to fundamental issues such as measuring time in quantum mechanics (tunneling time, time of arrival, dwell time). For imaginary time, which represents an inverse temperature (t → −i /kB T ), the obtained propagator is equivalent to the density matrix for a particle that is in a heat bath and is subject to a rectangular potential. This density matrix provides information on the particles' density in the different spatial areas relative to the potential location and on the quantum coherences of the different particle spatial states. If one shifts to imaginary time (t → −it), the matrix element of the calculated propagator in the spatial basis provides a solution to the diffusion-like equation with a rectangular potential. The obtained exact results are presented as the integrals from elementary functions and thus allow for a numerical visualization of the probability density |ψ(x, t)| 2 , the density matrix and the solution of the diffusion-like equation. The results obtained may also be useful for spintronics applications due to the fact that the asymmetric (spin-dependent) rectangular potential can model the potential profile in layered magnetic nanostructures..