Even though the island is uninhabited, the Karagin Koryaks have traditionally lived in Karaginskiy Island. Migrant reindeer herders still live in temporary shelters on the island.
The island is 101 km long and up to 27 km wide, with an area of 2,404 km². The highest peak of the island is 912 m. Karaginsky Island is covered with tundra vegetation and cedar underwood. In the summer there are many flowers.
Currently this island is popular with tourists who come to enjoy the wildlife.
Administratively, Karaginskiy Island belongs to the Kamchatka Krai of the Russian Federation.