On the west side, the Ilpinsky Peninsula separates it from Anapka Bay, which forms the north end of Karaginsky Gulf.
On the east, the Govena Peninsula (Cape Govensky) separates it from the Olyutor Gulf.
The northern coast contains the Skrytaya Harbor, which is a major salmon fishing ground.
The bay is named after Baron Andrey Korf, the first Governor General of Priamurye.
This is the Baron Korf or Barankoff Bay mentioned by the American travelers Washington Vanderlip and Olaf Swenson.