Currently, the population is divided roughly evenly between Russians and Aleuts, but mixing between the two is common.

The current economy is based primarily on fishing, especially the harvest of salmon caviar, mushroom gathering, and government services and subsidies.

In the years following the dissolution of the Soviet Union, poaching of fish, Arctic fox, reindeer (which were introduced to the island), and migratory waterfowl was widespread, but there is virtually no harvest of marine mammals due to strict protection.

Like the rest of Kamchatka Krai, Nikolskoye has a subarctic climate (Dfc), though the ocean makes temperatures much less extreme than interior Siberia, with winters being about four degrees milder than in Petropavlovsk-Kamchatsky.

The transition to the subpolar oceanic climate of southwest Alaska to the east is very apparent, especially in the extremely low sunshine hours, which average only around 2.8 per day due to the consistent fog from the Aleutian Low and the Oyashio Current on its western flank.