It overlaps the seaward boundary of Anxious Bay as proclaimed by the Australian government in 1987 and again in 2006 under the Seas and Submerged Lands Act 1973.

It is a flat topped island with steep sides having a length of about 1 kilometre (0.62 miles) (in the east-west direction), a maximum height in the range of 25 metres (82 feet) and an area of 32 hectares (79 acres).

Its east coast drops into water of depths between 5–10 metres (16–33 feet) due to the presence of the submerged reef structure between it and Cape Finniss.

[4][6][13] A survey carried out in 1980 on Little Waldegrave Island found southern seaheath, sea celery and nine other species of plant including ‘colonising weeds such as African boxthorn and common iceplant’.

[6][8][13] A Survey carried out during 1979 on Waldegrave Island found the following species of birds: short-tailed shearwater, Cape Barren geese, masked plover, galah, white-fronted chat, little grassbird, Nankeen kestrel, black-faced shag, sooty oystercatcher, white-bellied sea eagle, various gulls and terns, and barn owl which prey on the population of bush rat.

[3][4][8] A survey carried out in 1980 on Little Waldegrave Island found a population of Australian sea lions and five species of birds including rock parrot, Cape Barren geese and little penguin.

[8][14][15] Surveys carried out on Little Waldegrave Island between February 2001 and May 2006 confirm the presence of the following bird species: white-faced heron, eastern reef egret, white-bellied sea eagle, swamp harrier, peregrine falcon, Nankeen kestrel, common greenshank, ruddy turnstone, red-necked stint, masked lapwing, rock parrot, sacred kingfisher, white-fronted chat, Australian raven, Richard's pipit, welcome swallow, silvereye and common starling.

As of 1999, the geese were reported as having a population of 350 and as staying ‘in the Elliston area for the summer, feeding in swamps around the margins of Lake Newland and on grain in wheat paddocks’.