It was known as Rastorguyev Island (Russian: остров Расторгуева, ostrov Rastorguyeva) in the period between 1937 and 2005 .

It is covered with tundra vegetation in the summer, but most of the year it lies under a shroud of snow.

It separated from the nearest coast by a narrow sound that is about one km in width in its narrowest stretch.

The climate in the area is severe, with long and bitter winters and frequent blizzards and gales.

Kolchaka Island belongs to the Krasnoyarsk Krai administrative division of the Russian Federation and is part of the Great Arctic State Nature Reserve, the largest nature reserve of Russia.