Petersburg is frequently called Alaska's Little Norway because of its rich Scandinavian heritage. It is very popular during the halibut fishing season and during the Little Norway Festival (held in mid-May).

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The north end of Mitkof Island was a summer fish camp utilized by Kake Tlingits from Kupreanof Island. Remnants of fish traps and some petroglyphs have been carbon-dated back some 2,000 years. Alaskan Natives began living year-round at the site, including Chief John Lot.

Petersburg was named after Peter Buschmann, a Norwegian immigrant who arrived in the late 1890s and homesteaded on the north end of the island. He built a cannery (thanks to the plentiful number of icebergs from the nearby LeConte Glacier which would provide a source for cooling fish), a sawmill, and a dock between 1890 and 1900.

Small cruise-ships (up to 250 passengers) and private yachts visit from May thru September.

• Petersburg celebrates Norwegian Constitution Day in a celebration called "Mayfest" locally on the third weekend in May.
• The Petersburg Marine Mammal Center is located here.[9] a teaching center and to support research into new discoveries.

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