The island is part of the Stewart B. McKinney National Wildlife Refuge and has the fifth-largest colony of nesting roseate terns in the northeastern United States.

The United States Army Corps of Engineers reinforced the eastern boundary to slow the advancing deterioration.

[3] Early English settlers called it "Falcon Island", likely stemming from the Native American name.

[2] An archaeological survey performed on the island from 1997-1998 found a quartz projectile point of the Squibnocket triangle variety which dates to 1000-3000 B.C.

[2] According to Bruchac's Thirteen Moons on Turtle's Back the island was not a permanent settlement, but was likely used for fishing and hunting trips in the summer.

[2] A map in the possession of Reverend Henry Whitfield from a 1639 deed shows the island and the Quinnipiac name of "Massancummock".

[5] Joel Helander, a historian, notes that Medad Stone and the government were likely openly communicating about the island.

[1][6] During the War of 1812, the British forces landed on the island and told the keeper's wife, Thankful Stone, that they had nothing to fear as long as they kept the light burning.

[8] By 1987, the total area has fallen to 2.87 acres and it was projected that it could lose another 12 inches each year until the lighthouse crumbles into the sea around 2026.

[5][9] Access to Falkner Island and the light is restricted during the nesting season of the roseate terns, from May to August.

[10] In 1985, the island became part of the Stewart B. McKinney National Wildlife Refuge after it was acquired from the U.S. Coast Guard.

It is the site of one of the ten largest Roseate Tern (~45 pairs) colonies in Northeastern North America, and is the only regular nesting location for this federally endangered species in the state.