It is the remnant of a 700,000‑year‑old volcano, mostly made of volcanic palagonite tuff, forming a massive rock fortress.

[1] The island was first mentioned in the Icelandic classic Grettis saga as being the refuge of the outlaw Grettir, who spent his last years there with his brother Illugi and his slave Glaumur.

An old legend says that two night-prowling giants, a man and a woman, were traversing the fjord with their cow when they were surprised by the bright rays of daybreak.

Drangey represents the cow and Kerling (supposedly the female giant, the name means "Old Hag") is to the south of it.

In addition to these species, the black-legged kittiwake and fulmar nest in the cliffs and the raven and falcon also have their sanctuaries there.