Runavík is part of a chain of villages stretching over a distance of 10 kilometres on the east side of Skálafjørður-inlet on Eysturoy.
Runavík was founded in 1916 by Hans Tausen but was not called Runavík until after 1938.
There is a relatively large harbour with fishing-industry in the village. On the main street there are many shops and also a seamen's hostel. Eystanstevna is an annual civic-festival held in Runavík and Strendur in turns. It is held in mid-June.