The community and cove are named for one of its early settlers, David Ballantyne, a lowland Scotchman and British soldier who served in the 82nd regiment during the American Revolution and who received a grant for military service. He settled in the area around 1810, taking up 1000 acres of land on the south side of the cape. He died in 1840.
Ballantyne's Cove shelters a Small Craft Harbour, managed by the Harbour Authority of Ballantyne's Cove which is a principal trading point for Japanese merchants looking for sushi-grade Atlantic bluefin tuna. The harbour also hosts a 40 slip marina on floating docks with showers, washrooms, laundry facilities and fuel in addition to Ballantyne's Cove Tuna Interpretive Centre as well as Ballantyne's Cove Beach. "Fish and Ships" (a take out restaurant) is located on-site as well.