The McNab family's association with McNabs Island has spanned three centuries and has had a tremendous impact on the development and use of the island. Several McNabs in particular have played a prominent role in island affairs. Peter McNab I's purchase of the island in 1782 set the stage for the family's long involvement in the affairs of the island. His son, Peter II, later inherited the island and undertook numerous improvements. Ownership of much of the island then passed from Peter II to his sons, Peter McNab III and James McNab.

By the 1860's, descendants of Peter III had begun to sell his land outside of the family. James McNab controlled most of the island, however, and transferred ownership of his property to three of his sons-in-law: Roderick Hugonin, Westcote Lyttleton and Robert Cassels. In 1867, however, Lyttleton's property had been sold to the Imperial Government and Hugonin's had been offered for sale.

The McNabs family's last ties to the island ended in the early 1930s when Ellen McNab, daughter of Peter III, sold the few remaining acres of the family's land on the island shortly before her death.