The capital city of the province, Bocas del Toro, is located on the island and is one of Panama's main tourist attractions with over 150,000 visitors per year and an 8% annual rate of growth in tourism.

Beachfront hotels, restaurants, night clubs, discothèques and residential districts are prominent on Colón Island.

Access to the other nearby islands in the archipelago requires either a private boat or rental of a water taxi.

Local taxi service is provided mainly by yellow pickup trucks with 1T- followed by a number on the doors, and by 15 passenger mini-buses marked as Transporte Colectivo.

The island is part of the Bocas del Toro Important Bird Area (IBA), designated as such by BirdLife International because it supports significant populations of white-crowned pigeons and three-wattled bellbirds.