Sorry I submitted too soon.
'Walk on the street' is a more specific term, but it is less frequently used. It means to specifically walk on the pavement (or sidewalk, which is the US term.)
e.g. Don't walk on the road, walk on the street instead.
A bit more about 'walk down'. Its a peculiarity of the English language, phrasal verbs are often like that where you can't work out the meaning from the two words alone.
For example a person saying 'walk down that road', means walk along the road, or go along that road, it doesn't mean to descend.