The island mostly serves as a residential vacation resort, but several hundred residents make it their permanent home.

Local folklore history has long suspected Fripp to be the location where Edward Teach, the pirate known as Blackbeard, had stowed away some of his treasures.

Due to its relatively remote location, the island was utilized primarily as a private hunting range for most of its history.

In the mid-20th century, upon completion of bridges connecting Beaufort with nearby Hunting Island State Park, investors looked to develop a residential resort community on Fripp.

Upon securing bonds and establishing a public service district, a bridge was built in 1961 that connected Fripp with Hunting Island, U.S. Highway 21, and nearby Beaufort and began to stimulate residential development.

Ocean Creek Golf Course designed by Davis Love III was built, as well as a new amenities center.

The need for a fire department was determined in 1962 by legislation establishing the Fripp Island Public Service District.

Four years later the Public Service District hired its first professional Fire Chief to operate the department on a daily basis.

Fripp has approximately three miles of beachfront along the Atlantic, though some parts of the beach are fully submerged at high tide.

It is not a municipality though it maintains island operations via a public service district and property owners association.

In addition to providing a security force and fire/rescue squad, the island also maintains its own bridges, roads, paths, parks, and beach access routes.

Although cars and trucks are allowed on roads and streets, golf carts are the prevailing method of transportation on the island.

Bicycles are also popular and are used among residents and visitors alike, and several streets offer parallel bike trails to separate bicyclists from motor vehicles.

The island is a major loggerhead turtle hatchery and an active group of residents works to make the beaches safe for the laying turtles by observing outside lighting precautions during nesting seasons and protecting nests from predation by humans, raccoons and other animals.