Grand Bank is located on the southern tip of the Burin Peninsula. Originally called Grand Banc, the area was inhabited by French fisherman as early as 1640 and started as a fishing settlement with about seven families. It was given the name "Grand Banc" because of the high bank that extends from Admiral's Cove to the water's edge on the west side of the harbour.
The Town of Grand Bank can attribute much of its past and present growth and prosperity to its proximity to the fishing grounds and its ice-free harbour. Original settlers thrived on trade with the French and a vigorous inshore fishing industry. Grand Bank became the centre of the bank fishing industry for Newfoundland.