The town was named after Saint Patrick who was the spiritual guide of Örlygur Hrappson, the original settler in the area. Its economy is mainly based on its fisheries.
Amenities include a swimming pool, bank, campsite, four guesthouses, a hotel, two restaurants, two cafes and a gas station. In town is a hospital, police station and the town hall for the Municipality of Vesturbyggd.
Olympian Leiknir Jónsson was born here.
Patreksfjörður has a tundra climate (ET) closely bordering on a subpolar oceanic climate (Cfc).
Patreksfjörður Airport is an unscheduled airport located across the fjord, nearly 5 km (3 mi) south of the town. The nearest airport with scheduled flights is Bíldudalur Airport, 36 km (22 mi) from Patreksfjörður. Eagle Air connects Bíldudalur and Reykjavik with one daily flight. There are scheduled buses from Patreksfjörður to Bíldudalur Airport. The bus also connects Patreksfjörður with nearby villages Bíldudalur and Tálknafjörður.