There is a large 39.5 km2 (15.3 sq mi)[2] National Park and bird sanctuary and walking tracks can be taken between the populated bays and to a number of tourist destinations such as the World War II forts.

[citation needed] Aboriginal middens and cave drawings can still be found in a number of bays around Yunbenun.

Folklore of the local Wulguru tribe recounts a long association with the island and annual migrations to the mainland to avoid expeditions of head-hunters from Papua New Guinea and the Torres Strait, which used the northern trade winds to travel south along the Queensland coast.

In the mid-19th century the island became a popular location for the collection of stone and coral needed for development on the mainland.

In November 1884 the Queensland Government accepted a tender from Leisner and Sparre to construct the quarantine station for £3645.

Twelve months later this ship was wrecked on the rocks at Nobby Head, Picnic Bay, and the Phoenix was built by Hayles' sons to replace the vessel.

The Hayles company remained operating services to Magnetic Island with a large number of different vessels until 1988.

[citation needed] Magnetic Island became an important defensive position during World War II because of its proximity to Townsville, an important military base, and its views over Cleveland Bay, a significant anchorage and assembly point for large fleets and convoys operating in the south Pacific.

In 1953, Centaur House, a memorial convalescent and rest hostel for nurses, was officially opened in Geoffrey Bay.

[19] In late December 1971 Cyclone Althea hit the North Queensland coast directly crossing Magnetic Island.

[20] In 2009, as part of the Q150 celebrations, the Magnetic Island was announced as one of the Q150 Icons of Queensland for its role as a "Natural attraction".

Fish around the island include: mackerel, giant trevally, queenfish, coral trout, blackspot tuskfish, tuna, fingermark, red emperor and sea perch.

As of 2013, there are over 800 koalas estimated to be present on the island; this population represents the northern limit of their geographic range.

[citation needed] The wreckage of SS City of Adelaide is located off the shore of Cockle Bay, the island and is a popular tourist attraction.