Balboa Island is an area of Newport Beach, California actually comprising three modified or artificial islands in Newport Harbor: Balboa Island ( ), the largest; the smaller Little Balboa Island ( ) to the east of Balboa Island, joined by a two-lane bridge; and the smallest Collins Island ( ) to the northwest of Balboa Island, joined by a one-lane bridge. The Balboa Island community is joined to the mainland by a short two-lane bridge on the northeast of Balboa Island, and a privately-operated fleet of three, three-car ferryboats (Balboa Island Ferry) which provide access across the harbor to the Balboa Peninsula which lies to the south.

Balboa Island is one of the most expensive real estate markets in North America outside of Lower Manhattan. A two-bedroom house with a water view from the living room can cost about $3 million.

Local tradition has it that Balboa Island is where the frozen chocolate banana was first marketed. Snack shops on Marine Avenue will dip a frozen banana on a stick into chocolate sauce and dredge it in ground nuts or candy sprinkles. This legend is referenced in the American television show Arrested Development in which the wealthy Bluth family of Orange County owns a frozen chocolate banana stand on Balboa Island. Also popular is the Balboa bar, a square of vanilla ice cream on a stick prepared in a similar fashion.

Tourists from all over the world come stay on the island in one of the many of the vacation rentals year after year as tradition. They enjoy the summers days at the beach and evenings on the main street having dinner in many of the restaurants and after dinner having their Balboa Bars and the ice cream shops and getting bags of Salt Water Taffy at the old fashioned candy store with the barrels filled with taffy.

The zip code for Balboa Island is 92662.