King Cove's economy depends almost completely on the year-round commercial fishing and seafood processing industries.

In April 2024, Peter Pan Seafoods announced that the company would cease operations, including that of their King Cove plant.

[9] As of February 2025, with the plant still closed, the city was considering a major reduction in the next year’s budget, and asking the state for financial assistance.

A locally based FAA certificated Part 135 company called Eider Air provides on demand air-taxi service and charter operations to villagers and visitors.

It is also served by the Alaska Marine Highway, the state-run ferry service which connects it with Cold Bay in the west and Sand Point in the east.

[11] A partially completed road between King Cove and Cold Bay is awaiting approval through the United States Department of the Interior.

According to a report generated by The Wilderness Society, the road would cause irreparable damage to the Izembek National Wildlife Refuge.

Opponents contend the road's main purpose is, as it always has been, to provide a link between King Cove and a nearby airport for commercial reasons.

No evidence has been put forward to support a road would be safer in difficult weather condition than air transport.

On January 22, 2018, Interior Secretary Ryan Zinke signed a land swap agreement to allow construction of the road,[13] but U.S. District Court Judge Sharon Gleason blocked it in a ruling in March 2019, on the grounds that Zinke had failed to respond to the environmental concerns which Secretary Jewell had cited in justifying blocking the proposed land swap.

[14] In 2020, Zinke's successor as Interior Secretary, David Bernhardt, approved a revised land swap agreement, and specifically responded to those environmental concerns; U.S. District Court Judge John W. Sedwick blocked the revised land swap agreement as well, on the grounds that Bernhardt's response to the environmental issues was inadequate.

The clinic is open Monday through Friday during normal business hours, closed for all Alaskan and Federal holidays.