It was named after Soviet scientist and first head of the Chief Directorate of the Northern Sea Route, Otto Schmidt.

Located at the far northwestern end of Severnaya Zemlya, it lies slightly south of the Arctic Cape on Komsomolets Island.

There is no tourism on the island except for scientists, military personnel, and a few explorers.

It measures 467 km2 (180 sq mi) and is almost entirely covered by the Schmidt Ice Cap.

Owing to its exposed position, the climate in the Schmidt Island's area is much colder than in the rest of the archipelago.