Located to the north of Whale Cove, to the south of Chesterfield and to the east of Baker Lake, attractions near Rankin Inlet include the Meliadine River, known as a good spot for trout and char fishing, and Marble Island, a major whaling site.

Situated close to the geographical centre of Canada, and surrounded by several large rivers, the community was established as a Hudson Bay trading post in 1936, when fur traders made their way up the Kazan river, bringing with them Anglican and Catholic missionaries. In addition to its proximity to the lake of its namesake and the navigable rivers that wind their way through the region, Baker Lake is also surrounded by wide expanses of rolling tundra, home to musk-oxen and caribou.

Visitors to this hamlet can learn about the history of the Inland Inuit people at the Inuit Heritage Centre, through its extensive collection of artifacts, photos, traditional clothing and tools.