It was created in 1993 to protect the ecosystems of the Commander Islands and the surrounding marine waters of the Bering Sea and northern Pacific Ocean.

Because of its isolation and the productivity of the Bering Sea and the Pacific continental shelf, the reserve is marked by a diversity of animal life.

It is a refuge for over a million seabirds, several hundred thousand northern fur seals, several thousand Steller's sea lions, common seals, and spotted seals, a population of sea otter, some 21 whale species, two endemic subspecies of Arctic fox, and endangered or threatened migratory birds, such as the whooper swan, Steller's eider, and Steller's sea eagle.

Fishing is entirely prohibited within the 50 km (31 mi) buffer zone surrounding the preserve.

An additional stated purpose of the preserve is to foster the ecologically and culturally sustainable development of the only inhabited settlement on the Commander Islands, the village of Nikolskoye (pop.