There is evidence that shore-based bay whaling activities were conducted on the island in the 19th century.

[2] In 1971, the island was declared as a class 1A Nature Reserve with a total area of 12 hectares (30 acres).

[3] The area adjacent to the island is used to cultivate mussels on long lines on licenses issued by the Department of fisheries and leases issued by the Albany Port Authority.

In 1936 and 1938, the penguins of Mistaken Island became victims of deliberately lit fires.

[7][8] As of 2011, the penguin colony on Mistaken Island is the subject of scientific study.