It is bounded by the Spencer Gulf on the east, the Great Australian Bight on the west, and the Gawler Ranges to the north.

The peninsula was named after explorer Edward John Eyre on 7 November 1839 by George Gawler, the second Governor of South Australia.

[10] The peninsula's coastline boundary was defined in 1839 as "Spencer's Gulf in its whole length, to the southern ocean from Cape Catastrophe to the western point of Denial Bay."

The town has previously harbored a large tuna-fishing fleet, which is gradually transforming its practice to fish farming with the growth of sea cage aquaculture for tuna and yellowtail kingfish.

It is considered prospective for a variety of minerals, including graphite, coal, and uranium, with many deposits being proven in recent years.

Existing rail, power, and water supply infrastructure shortfalls continue to hamper new project development.

Ecotourism operators offer visitors opportunities to experience many of the peninsula's iconic marine species either in or on the water.

From Whyalla, visitors can snorkel or dive off Point Lowly to witness the mass breeding aggregation of giant Australian cuttlefish, which occurs there from May to August each year.

Ceduna lies to the east of the Nullarbor Plain, which is crossed by a stretch of the Eyre Highway running parallel to the Great Australian Bight.

Recreational fishing for species such as King George whiting and blue swimmer crabs does not require a licence, although size, bag, and boat limits may apply.

Its displays include the World War II corvette HMAS Whyalla, which sits in dry-dock and is visible from the Lincoln Highway.

Fishing charters are offered to depart from many coastal towns, including Whyalla, Cowell, Tumby Bay, and Port Lincoln.

[21] To facilitate prospective mines, new freight corridors and ports have been proposed to export minerals via Spencer Gulf.

A proposal to export iron ore from Port Lincoln by Centrex Metals was approved but abandoned after strong public opposition.

Once constructed and operational, fuel will be delivered to towns and mine sites by road tankers up to A-triple class.

The peninsula includes the local government areas of Ceduna, Cleve, Elliston, Franklin Harbour, Kimba, Lower Eyre Peninsula, Port Lincoln, Streaky Bay, Tumby Bay, Wudinna and Whyalla, as well as the western portion of the City of Port Augusta.