The suburb derives it name from the Mermaid, a cutter ship that brought Australian surveyor John Oxley to the region in 1823. Oxley named the area where he landed "Mermaid Beach". The adjacent area to the west eventually became known as "Mermaid Waters".
Shopping - Q Super Centre is a medium-sized shopping centre in the western parts of the suburb, with new retail and commercial developments being established in the adjacent area. Nearby Pacific Fair Shopping Centre in Broadbeach is the largest shopping centre in the Gold Coast.
Community centres - Albert Waterways Community Hall is at the northern end of the suburb, adjacent to Broadbeach Branch Library. The Gold Coast City has a branch in Mermaid Waters at this complex. The Miami State School Community Hall is located on the grounds of Miami State Primary School.
Schools - Two schools are located in Mermaid Waters: Miami State Primary School and Merrimac State High School.
Libraries - Broadbeach Branch Library located next to Pacific Fair Shopping Centre and Albert Waterways Community Hall.
Sports - Pizzey Park Sports Complex hosts a variety of sports and clubs in the southern Gold Coast. Adjacent to the complex is the Miami Olympic Swimming Pool.