The island has a long history as a sacred site, with a spring or holy well held to have healing properties, the hermit cave of 6th century monk St Molaise, and evidence of a 13th-century monastery.

Some runic writing is to be found on the roof of St Molaise's cave and a Viking fleet sheltered between Arran and Holy Isle before the Battle of Largs.

"[6] In 1992, the island was in the possession of Kay Morris, a devout Catholic who reportedly had a dream in which the Virgin Mary instructed her to give ownership of the island to the Samyé Ling Buddhist Community, who belong to the Kagyu school of Tibetan Buddhism.

The remainder of the island is treated as a nature reserve with wild Eriskay ponies, Saanen goats, Soay sheep and the replanting of native trees.

There is a regular ferry service from Lamlash, and the island is popular with holiday makers staying on Arran.