The heritage of the Island is a major asset, which has for many years kept its economy going. Holidays focused on natural heritage, including both wildlife and geology, are becoming a growing alternative to the traditional seaside resort holiday. The latter has been in decline in the United Kingdom domestic market, due to the increased affordability of air travel to alternative destinations.

Tourism is still the largest industry on the Island. In 1999, the 130,000 Island residents were host to 2.7 million visitors. Of these, 1.5 million stayed overnight, and 1.2 million visits were day visits. Only 150,000 of these visitors were international visitors. Between 1993 and 2000, visits increased at a rate of 3% per year, on average.

At the turn of the nineteenth century the Island had ten pleasure piers including two at Ryde and a "chain pier" at Seaview. The Victoria Pier in Cowes succeeded the earlier Royal Pier but was itself removed in 1960. The piers at Ryde, Seaview, Sandown, Shanklin and Ventnor originally served a coastal steamer service that operated from Southsea on the mainland. The piers at Seaview, Shanklin, Ventnor and Alum Bay were all destroyed by storms during the last century. Today only the railway pier at Ryde and the piers at Sandown, Totland Bay (currently closed to the public) and Yarmouth survive.

As well as more traditional tourist attractions, the Island is often host to walking holidays. or cycling holidays through the attractive scenery. Almost every town and village on the Island plays host to hotels, hostels and camping sites. Out of the peak summer season, the Island is still an important destination for coach tours from other parts of the United Kingdom and an annual walking festival has attracted considerable interest.

By far the main form of access is by boat from the mainland, with regular vehicle ferry services and passenger services being available through the ferry companies:

Red Funnel operates a car and passenger service between Southampton and East Cowes. High speed passenger-only services to Southampton operate from "West" Cowes under the name of "Red Jet". Wightlink operates a car and passenger service between Portsmouth and Fishbourne (near Ryde), and between Lymington and Yarmouth. It also operates a passenger-only service between Portsmouth Harbour (train station) and Ryde Pier Head (train station) under the name "Fast Cat" (known as the 'Vomit Comet' by the locals due to its colour), so named because the boats used are catamarans.

Hovertravel carries passengers between Southsea and Ryde aboard a hovercraft. There are regular proposals for further routes, and during Cowes Week additional services have been known to operate notably a fast catamaran service between West Cowes and Lymington.

The Island is the home of the smallest train operating company in the United Kingdom's National Rail network, the Island Line. This runs some 8½ miles from Ryde Pier Head to Shanklin, down the eastern side of the island via Brading and Sandown. These are electric trains, using former London Underground rolling stock.