With an area of 4.1 km2 and an extensive waterfront facing a large natural harbour (also named Murray Harbour), the community's primary industry is fishing, most notably lobster and scallops. It also hosts some secondary industry in the form of fish processing and a growing tertiary service economy centred on tourism.
The community has a gas station, a fire/police station, a grocery, a restaurant, a number of churches, and a number of wharves.
The majority of the community's fishing fleet is berthed at the South River harbour facility which is operated by Fisheries and Oceans Canada. Other wharves include the Murray Harbour wharf, Machon Point wharf, and Beach Point wharf, as well as the Bolridge Landing Marina.