The 36 acre (14.5 hectare) island is located at the northern entrance to St. George's Harbor, east of the town of St. George's and just to the north of the slightly larger Smith's Island.

In the past Paget and nearby Smith's Island were used as whaling centers.

[1] The island's most prominent feature is Fort Cunningham, when the first Governor Richard Moore came in 1612 he recognized that Paget Island was the route from St. George to the Atlantic and any enemy vessel would come through here,[2] the first battery built as far back as 1612, expanded in 1619, major works continued in the 1700s and 1800s, it is of historical importance, but now in a state of disrepair.

[2] The island itself is not easily accessible due to no regular ferry service.

With advance permission from the Bermuda Government's Department of Youth, Sport and Recreation[3] campers may stay on a 20-acre campsite, but only one group at a time.