The municipality of Gravvik was established on 1 January 1909 when it split off from the municipality of Leka. Initially, the new municipality had a population of 881. On 1 January 1964, Gravvik ceased to be a municipality when it was merged with three other municipalities to form the new Nærøy municipality. Prior to the merger, Gravvik had a population of 816.
Fingalshulen is a cave and archaeological site at Gravvik. The 123-metre (404 ft) deep cave has a maximum height in the cave of 20 metres (66 ft) and maximum width of 15 metres (49 ft). It contains 47 cave paintings, including of human figures and some animal shapes. The paintings have been estimated to date back 3000 years. Fingalshulen was first described in the 1800s, but was archaeologically investigated in 1960s. The cave was mapped by the Science Museum in Trondheim in 1962 and 1963. The cave has been the subject of major scientific studies, most recently during 2004. Fingalshulen is currently closed to the public.