The island was a gift from Miantonomi, chief of the Narraganset tribe of North American Indians, to Roger Williams, the founder of Rhode Island. There is an 18th century farm site on the west side of Hope Island. To date, no archaeological work or documentary research has been carried out relating to this site. During World War II, the island was used by the U.S. Navy as an ammunition storage site. There are still ammunition bunkers and concrete roads remaining from this period.
Hope Island was acquired by the state in the early 1970s.