Fortune is situated on the western side of the Burin Peninsula on the island of Newfoundland and was incorporated as a town in 1945. The town is located near the southeastern boundary of Fortune Bay. The name of the town is believed to have originated from the Portuguese word "fortuna" meaning "harbour of good fortune."
The main industry in Fortune is the ocean fishery which employs 400 residents. The majority of species landed include cod, flounder, and haddock.
Fortune is also the nearest Canadian port for travelling to the French islands of St. Pierre and Miquelon. During the spring and summer months, a ferry connects the two islands with Fortune.