On the northern side of the island is the valley of Korkadalur, where there are great columns of basalt, called the Stone-wood.

To the west of Mykines is the 1 km long islet Mykineshólmur, with several sea stacks clustered at its western end, where a lighthouse was built in 1909.

In the sound between Mykines and Mykineshólmur, Holmgjogv, one can see one of the most abundant of such flows on the Faroes, with a depth of about 50 m. The interspersed layers of softer volcanic tuff between the layers of basalt are differentially eroded, so forming, especially on the steep northern side of the islet, some of the richest bird cliffs in the world.

On the rocks at the water's edge there are colonies of cormorants, while the eroded tuff layers in the cliffs make perfect nesting ledges for guillemots and razorbills.

The population of the island declined over the 20th century, with 11 permanent residents of Mykines village in 2004; the oldest inhabitant was 75 and the youngest six years old.