The town is the base for a seasonal fishing fleet and also the home of the Australian Maritime College's second campus. A fleet of training vessels berth at the college wharf while close by a great many private yachts and motor boats find anchorage at the Beauty Point Marina. The area is popular for water sports such as sailing and fishing and has a number of safe swimming beaches.

Tassie Teddy Bear Park on the West Tamar Highway is an attraction for families and lovers of teddy bears. The park claims the world's largest teddy among its residents and facilities include barbecue and picnic areas, a playground and tea rooms.

Beauty Point is the start for the annual Three Peaks Race, a gruelling, combined sailing and running event that attracts international competition. Participants are required to sail to Flinders Island and then Coles Bay before finishing at Hobart. At each stop they have to run up the local mountain and back.

• Events: Riviera Sports Carnival (Sunday late February). Three Peaks Race Yachting and running biathlon (early April).
• Name origin: The point where the Maritime College wharf now stands, owes its name to a prize bullock named 'Beauty' which died in the scrub close to the water's edge. The name Beauty Point was subsequently proclaimed by the governor on 4 October 1939.