The name of the island came about because of the apparent "magnetic" effect it had on the ship's compass of Captain Cook as he passed the island when sailing up the east coast of Australia in 1770. People have since explored the general area of Magnetic Island with various instruments to discover what might have caused the effect that Cook reported, but nothing has been discovered. The island's mysterious magnetic effect is the basis for the 2015 speculative fiction novel 'A Tango with the Dragon.' The local name for the island is "Maggie Isle", "Maggie Island" or "The Island".