[1] It is clogged by ice most of the year with many icebergs in the strait off the mouth of the bay.

This bay was named by the 1930–1932 expedition to the archipelago led by Georgy Ushakov and Nikolay Urvantsev after Soviet statesman Anastas Mikoyan (1895–1978).

It is located southwest of Cape Unslicht on the Shokalsky Strait shore of the island.

The headland on the western side of the mouth of the bay is Cape Baranov.

Mikoyan Bay is about 5.5 km wide, the shores of both sides running almost parallel to each other southwards from its mouth.