The inlet was named for King Haakon VII of Norway by Carl Anton Larsen, founder of Grytviken.

[1] Cave Cove, which forms part of the bay, is best known as the landing place of Ernest Shackleton in May 1916 as he sought help for his shipwrecked crew marooned on Elephant Island with the Imperial Trans-Antarctic Expedition.

Henry McNish wrote: "We have not been as comfortable for the last five weeks, We had 3 young & 1 old albatross for lunch with 1 pint of gravy which beets [sic] all the chicken soup I ever tasted."

Since they had run out of drinking water arriving at Cave Cove, the men immediately went to the small stream there.

[2] While they were waiting in this location, Henry McNish took screws from the boat and put them in the crew's shoes in order that they could walk across ice more easily.